Tips to Help Reduce Financial Stress in Your Relationship
On the surface, it may seem like couples with more money have fewer problems, but that’s not always the case. Nearly a third of adults have reported that money is a major source of conflict in their relationships,1 and high-net-worth couples are no exception. When compared to other types of arguments, couples’ money conflicts tend to be more intense, more problematic and less likely to be resolved.2 Here are several tips to help you and your partner get on the same financial wavelength in order to reduce your financial stress.
Tip #1 – Communicate.
One of the biggest financial strains in a marriage is often a lack of communication. It’s important to discuss money issues and maintain a united approach to saving, spending and investing for the future. While you and your spouse are likely to have different opinions about many money-related issues, sharing your goals, attitudes and spending habits can help lower financial stress in the relationship.
Tip #2 – Establish shared financial goals.
Work together to establish short- and long-term financial goals. What do you want to accomplish together? Do you hope to purchase a vacation home someday? Pay for your child’s college education? Make a significant donation to a charity that’s important to you both? Plan a dream vacation? Articulating your goals and establishing a plan to achieve them can help guide your spending and saving priorities, which can lead to more financial harmony.
Tip #3 – Maintain separate accounts for personal expenses.
A great way to cut down on financial strife is to allow flexibility for personal spending by establishing separate accounts in each spouse’s name. Decide together on a monthly amount or “allowance” that will be deposited into each account, and give each other the freedom to spend that money as you wish. The ability to spend freely on small purchases can help both spouses remain within a budget while maintaining a sense of independence.
Tip #4 – Review your finances on a regular basis.
Schedule regular check-ins with your spouse to track your budget and review progress toward your financial goals. Your wealth manager can help facilitate the conversation, run projections and make any necessary adjustments to your financial plan to keep you on track.
If you’d like help getting on the same financial page as your spouse, Creative Planning is here for you. Our experienced professionals work to ensure every aspect of your financial life is well cared for and working to help you achieve your long-term goals, allowing you and your spouse to move forward with confidence. Schedule a call to learn more.
This commentary is provided for general information purposes only and should not be construed as investment, tax or legal advice, and does not constitute an attorney/client relationship. Past performance of any market results is no assurance of future performance. The information contained herein has been obtained from sources deemed reliable but is not guaranteed.