For many couples, money is a touchy subject that can lead to fiery arguments, resentment, and even divorce. Corey Blake with New Horizons Credit Union says to avoid that, remember to keep your cool when you're discussing finances with your partner. He says you both need to be in a rational state of mind because talking finances when one of you is angry at the other for spending $300 at the hairdresser, or hardware store, is not a good idea!
He says at the same time, you don't want to avoid talking about the issue, because if you do that, the subject can get worse over time. He says one reason money talks explode is because people focus too much on blaming one another for money mishaps, rather than working on ways to improve future spending. He says that's why you need to leave judgment at the door, and have an open-mind when talking about money.
Blake says if you're having trouble staying civil, no matter how hard you try, consider asking an unbiased person, like a pastor or marriage counselor, to act as a mediator. Having another person in the room will force you to stay focused and not lose your cool with each other. But whoever you choose, be sure you both trust that person.
Blake says usually one person in a relationship is left with the administrative financial responsibilities. So to avoid arguments, share those responsibilities between the two of you. Treat your finances like a family business where you're both partners and jointly responsible for the accounts.
In addition, he suggests that you work on your family budget together, then review it after a week to make sure you're both happy with it. He says you need to discuss it regularly so you both stay focused. And discuss your shared and individual saving goals, both short term and long term and apply those to your budgeting. Also make lists of your outstanding debt and upcoming expenses and compare those with your income, then make a plan on how you're going to stay financially on top in future. When you're done and exhausted, reward yourselves, as long as it's in the budget.
New Horizons Credit Union
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