#1 Understand your spouse’s money personality
Money is one of the most challenging topics to discuss. I have used Money Habitudes and found it to be a quick and effective way couples can relate to one another.
The non-threatening game format makes it easier to break through when folks do not like to talk about money. Moreover, it only takes 10-15 minutes to play.
The results are easy to understand and provide actionable steps for couples. It’s even more effective when a financial professional can review the reports and use them to craft a personalized plan for couples.
#2 Be on the same page with your partner
Couples who disagree about financial matters are twice as likely to divorce as those who don’t.
The nuts and bolts of money management include the budgeting software we elect to use; the bank accounts we choose, and the types of loans we take out. Such choices are often more personal than finance because they depend on what works best for their circumstances.
However, what drives couples nuts is when they are frustrated with each other about how their money is used, particularly when those choices chip away at the household’s financial health.
Every couple of weeks we share ideas in our newsletter to help pull couples onto the same page and work as a team to manage money and the home as a team.
#3 Communicate regularly with your partner
Talking about money can be stressful for couples. Arguing about money is among the most common sources of couples’ disagreements and eventual divorce.
Start by scheduling regular meetings with one another to discuss money. Some call these meetings household business meetings, and others call them money dates. However you define them, they must occur frequently and in low-stress situations.
Be honest with your partner. We hosted national expert and NEFE CEO Dr. Billy Hensley on the Modern Husbands Podcast. He started the conversation by sharing that surveys repeatedly find that 2 in 5 couples commit financial infidelity, which is when couples who have combined their finances deceive each other about money.
We went into further detail in our post How to manage money in a marriage.
Founder, Modern Husbands