Family Finance Series: How to Communicate about Money and Create a Healthy Relationship

Money is one of the most common sources of stress in a family. In fact, a study by SunTrust Bank found that money was the number one source of stress for married couples. It’s no wonder, then, that so many couples have trouble talking about money! In this series, we will help you develop a plan to communicate about money in a healthy and productive way. You will learn how to set goals, handle disagreements, and understand each other’s financial tendencies. With this information, you can create a budget that works for both of you and achieve your financial dreams!

Start with yourself

The first step in developing a healthy relationship with money is to understand your own financial tendencies. Do you tend to spend when you’re feeling stressed? Do you save every penny that you can? Answering these questions honestly will help you to develop a plan that works for both of you.

Have meetings regularly about your finances

Once you have a good understanding of your own financial tendencies, it’s time to start talking to your partner about money. This can be a difficult conversation, but it’s important to have it regularly. Set aside some time each month to discuss your finances and see how you’re doing. If you’re not sure where to start, try setting some goals together. This can help you to stay on track and work towards your financial dreams!

Understand your partner’s money story

It’s also important to understand your partner’s relationship with money. What is their family’s history with money? How did they learn about finances? Answering these questions can help you to understand where they’re coming from and what their priorities are.

Work towards common goals

Once you have a good understanding of your financial tendencies and your partner’s money story, it’s time to start setting some goals. What do you both want to achieve financially? Do you want to save for a down payment on a house? Do you want to retire early? Working towards common goals can help you to stay on the same page about money.

Have a plan for disagreements

Even if you have the same financial goals, there will still be times when you disagree about money. It’s important to have a plan for how you will handle these disagreements. One way to do this is to set some ground rules before you start discussing your finances. For example, you might agree to not raise your voices or call each other names. If you have a disagreement, try to listen to your partner’s perspective and see if you can find a compromise.

Create a budget that works for both of you

The next step in developing a healthy relationship with money is to create a budget that works for both of you. This may take some trial and error, but it’s important to find a system that works for your family. There are a lot of different ways to budget, so find one that fits your family’s needs.

Stay calm and don’t take things personally

Money can be a sensitive subject, so it’s important to stay calm when you’re discussing your finances. If you start to feel overwhelmed or frustrated, take a break and come back to the conversation later. Remember that you’re on the same team and you’re working towards the same goals.

Final Thoughts

Developing a healthy relationship with money is important for any family. By taking the time to understand your financial tendencies, communicate with your partner, and set some goals, you can create a budget that works for both of you.

Are you interested in learning more?

Be sure to join us on June 10th for our on our
Podcast InSync where we discuss Family Finance every Friday at 6:30 PM

In the meantime, be sure to check out our website Blog – dhfinancial (dhfinancialsolutions.com) where we have tons of resources and information about personal finance and money management. As always, thank you so much for joining us, and well see you soon.

Resources

• https://www.betterup.com/blog/financial-stress
• https://www.mayoclinic.org/healthy-lifestyle/stress-management/in-depth/stress-symptoms/art-20050987
• https://www.credit.com/blog/61-financial-freedom-quotes-and-steps-to-achieve-it/
• https://www.forbes.com/sites/riankadorsainvil/2019/08/28/why-communicating-about-money-is-key-to-a-healthy-relationship-and-financial-future/
• https://www.facebook.com/stdonatscastle/posts/1900770353467542

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