Six Steps To Gaining A Healthy Financial Relationship (Part 3)
Last Friday we discussed steps 3-4 to gaining a healthy financial relationship. Today we conclude with steps 5-6.
Step 5: Establish a routine time to sit down and discuss your finances
Life is full of ups and downs and changes. It is important to recognize the importance of setting up a routine to discuss and review your finances. You want to make sure that you both are still on the same page, monitor if there need to be in changes in your plan, and simply leave room for any new ideas that may come up. If one person has been assigned the primary responsibility of managing the finances, it is important that the finances are reviewed and discussed with the other partner so that they are kept in the loop. If one person is left out, this is definitely a set up for problems to occur down the road.
Step 6: Set your mindset to adjust as needed
Oftentimes, couples do not consider how they will handle life events that may cause a role reversal financially speaking or life events that simply may cause for one partner to be out of work for a significant amount of time. Although most married couples that take part in a marriage ceremony recite the words “For better or worse”, their mindsets have not been altered to accept that “worse” can actually happen. This is something that has to be seriously discussed and considered. What are your money beliefs that may or may not get in the way if change were to occur? What expectations would you have of your partner? What expectations would they have of you?
Last, but certainly not least, it is important to remember the reasons you decided to be in a relationship with your partner. The goal should always be to work as a team, even if you mutually decided to set up things individually. Communication overall is a team effort. Do your best to stay positive and respect each other’s needs. Then through communication, intentional work, and preparation you’ve set yourselves up to succeed financially.