visimoney
TLDR:
New data shows that nearly three-quarters of Americans say that financial decisions are a source of tension in their relationships. However, conflict in a relationship can sometimes be beneficial if approached with the right mindset. The article suggests five strategies for reducing financial friction with a spouse:
- Unpack your financial feelings
- Create a common understanding
- Consider ways to build some space
- Balance the short-term with the long-term
- Respect the conversation
In terms of unpacking financial feelings, the article suggests that financial habits and behaviors are often tied to emotional experiences from childhood, and it’s important to understand how these past experiences shape our outlook on money. By openly discussing these feelings with a partner, couples can gain a better understanding of each other and have more mindful conversations about money.
Creating a common understanding involves establishing shared financial goals and having transparency about finances. This includes knowing how much savings and debt each partner has, establishing financial priorities, and discussing who will be responsible for managing routine bills and unexpected costs.
To build some space and avoid micromanagement of each other’s finances, setting aside discretionary spending money or establishing ground rules about shared expenses can be helpful.
When balancing the short-term with long-term financial decisions, it’s important for couples to have open discussions about major financial decisions that may affect their future, such as paying for a child’s education or planning for retirement.
Finally, it’s crucial to respect the conversation and approach financial disagreements with calmness and understanding. Scheduling dedicated time for financial discussions and having a respectful attitude towards disagreements can lead to more productive conversations and prevent fights.
