Before we get started, we should answer the all-important question: Why? Why should you have regular money meetings with your spouse?
- Avoid stress! You might think that a financial meeting with your beloved could actually cause stress rather than relieve it. After all, money is often cited as the number one cause for divorce in America. The truth is that good communication with your spouse helps you to prevent building up walls of frustration and bitterness. Having a healthy conversation about your finances actually brings peace, not stress. Don’t let money hinder your marriage. Instead, let it be a rally point where you join together with your spouse to conquer your obstacles.
- Improve communication. I’ve met with hundreds of families over the years. So far, in a perfect 100% of these meetings, one spouse is primarily responsible for managing the finances. This is fine, and often preferable because one spouse is typically better-suited for handling the finances. Plus, having two people handle the same tasks can get confusing (too many cooks in the kitchen)! This can open the door for poor communication, however. Let me explain what I’ve seen happen many times in the past. Husband sees the paychecks come in each month, but wife is the one who pays the bills. Because husband doesn’t see the day-to-day bills, he is confused as to how the family can go through so much money, so fast. What husband doesn’t realize is that all those little bills add up quickly. Sadly, husband begins to harbor feelings of resentment, assuming that wife is over-spending or mismanaging the hard-earned income. Don’t let Satan have an inch here, because he can cause some real destruction!
- Build closeness. I have come to learn that a discussing finances with your loved-one can either bring you closer together as a couple or blow you apart. It’s all in how you approach the subject and your spouse. This guide is designed to help you have a great experience when you talk about money in the family. Who knows, you might even say you enjoyed the process when you’re done!