Married Couples Who Tend To Build Wealth Together Do These 4 Things Differently
Four ways financially-savvy couples handle their finances differently.
Mike Cox | Unsplash Talking about finances is definitely a touchy subject, especially when it comes to setting and agreeing on a budget with your partner. The reality is that disclosing your income can make it difficult to open up about your finances, even with someone you deeply trust.
But talking about money with your partner is crucial to having a long-lasting relationship and building long-term wealth. It will allow you to learn each other’s values, and if you two are on the same page with money, you’ll make a good team in the long term.
One study found that 50 percent of couples argue about money. You can avoid being in that percentage, though, by having an honest and open conversation about how you spend, save, and invest.
Married couples who tend to build wealth together do these 4 things differently:
1. They respect each other's financial past
Everyone has a different relationship with money. The way that someone was raised can shape the way that they view their hard-earned cash. With this in mind, be aware and receptive to those differences.
For example, some people may remember their parents fighting about money and budgets being tight, while others may not have any recollection of money worries during their childhood. These differences in upbringing will contribute to your insecurities or stability when it comes to managing your finances.
2. They have hard conversations
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It’s easy to glaze over your financial expectations in a casual conversation. If you’re not in agreement, you move on. But if you see a future with your partner, it’s important to have a serious conversation in which you don’t avoid the hard questions.
Pick a time when emotions aren’t high to discuss how you budget, including what you’d be willing to change if you were to or are combining your finances.
A recent Money Crashers study found that 89 percent of people haven’t lied to their partner about money. That statistic shows how uncommon honesty is when it comes to money, so set the scene for an opportunity where you can both have a truthful conversation. Set expectations in order to lead a healthy, honest relationship with finances.
3. They set shared goals
Remember that you’re a team and your love for one another brought you together. Working together to reach a common goal will help you see managing finances in a positive light, especially when you accomplish that goal. Start with something small, like saving for a weekend trip or a nice dinner out together.
Researchers have found that couples with merged bank accounts tend to use more collective pronouns like 'us' and 'our' when discussing finances, signaling a stronger sense of unity. When couples align their visions for the future, they create a clear roadmap for achieving mutual financial satisfaction.
4. They hold each other accountable
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Even if you’re not ready to combine finances, confide in each other on your personal money goals, such as paying off student loans, saving for a house, or saving for a new car. Whatever the goal may be, supporting each other through them will help you feel more comfortable when talking about money.
Creating and managing a budget together requires honesty about income, expenses, and debts. One study explained that when both partners are involved in financial decisions, they can hold each other accountable and compromise to reach a middle ground.
Unwritten is a website covering relationships, dating, and love.
