Money Monday: Enhance Your Financial Compatibility

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Last week we began our April celebration of financial literacy month by shining a light on signs of someone who is financially literate. This week the question relates to financial literacy and relationships.

A recent CNBC survey revealed that more than 64% of couples are financially incompatible. Therefore, whether you are dating, newly wedded, married for a long time or just shacking up; there’s a good chance that financially you might be in an unhealthy relationship. Most couples would talk more about sex than money. So let’s consider three ways to you and your partner can address the situation.

Attitude: When it comes to money what is your attitude in communicating with your significant other? Are you coming to the table with a boss attitude because your income is more than that of your spouse? I would suggest you don’t just jump into the numbers, but seek to understand your partner’s journey of how he or she arrived at their destination. Too often we  jump right into the numbers without understanding the story, experiences or humanity behind the numbers. After you have discussed your financial journey with your partner, you can jump into the expenses, debts and savings conversations. Later, you can discuss priorities and work on a joint plan.

Watch Your Language: For years now you have heard  terms  such as “ spender” or “cheapskate” and many others. I would suggest to you because money and finance is such a sensitive topic,  avoid labels and divisive terms when discussing money with your partner. If you label someone a “ cheapskate” it means that you are already coming to the conversation with a bias or prejudice and not with an open mind or heart. This is not to say that you should  water down the facts and not identify irresponsible behaviors. But name calling will not help your financial relationship to blossom and achieve your goals together.

Rules: Part of the challenge with being financially compatible is understanding and setting some rules. Talking finances with your significant other should not occur only when there is a crisis. You should establish a regular monthly cadence. In other words, make talking about money a habit and not irregular or at inconsistent times.   Not only should you have a set time, but there should be some communication rules. Like don’t interrupt the other person when they are communicating their point of view. If it helps set a time or have a timer for each person to speak. You can also bring a pad and take notes or take notes on your device. That way things are shared and no one leaves feeling misunderstood, with a lack of clarity concerning task assignments and next steps.

WHAT’S UP!

Today’s What’s Up is about managing or cutting your food costs. One way to reduce your food bill is by using coupons. But what you might consider is using digital coupons over traditional paper coupons. Two advantages of using digital coupons are they are connected or integrated with rewards programs enabling you to earn points immediately. The second benefit is that they allow you you to receive or benefit from manufacturer’s changes in real time.  Start using more digital coupons and take advantage of those benefits! And that’s what’s up!

 

Ruthven R. Phillip, Esq., is a tax attorney, Stewardship and Philanthropy Ministry Assistant, and CEO of Give2Getrich, LLC. Give2Get Rich, LLC 2024. All Rights Reserved. Any distribution or reproduction of part or all of the contents in any form is prohibited.

 

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