Family and Money Part 2 of 3

Remember in our last segment we said “If your marriage is under financial attack, fight back”. Money problems usually have little to do with money. The problems are usually rooted in a lack of communication between spouses and a need to brush up on money management skills.

In this segment, we are going to discuss some very practical ways you can communicate more effectively about financial issues.

• Spend time working together with your spouse as a team. Each of you has strengths when it comes to handling money. Use them!
• Set aside a regular time and place to discuss spending needs for the upcoming week. If it helps, find a quiet place away from home like a coffee shop or café to have this discussion.
• Do not hide the truth – little white lies about purchases or increasing debt can snowball quickly. Be honest so mole hills do not become mountains.
• Debt is one of the greatest challenges in a marriage. Agree together on a plan to reduce debt. I have seen amazing reductions in debt when husbands and wives put their plans on paper.
• Share this information with your children. Most people claim they learned to handle money from watching their parents. Be a role model.
• Set short (0-2 years), medium (2-5 years) and long term (5+ years) goals together and action plans to meet them. Revisit these every year.
• Get your finances in order by focusing on your values. Sign up for a personal financial management program…check out STAFF as a consideration. www.storingtreasures.com/what-is-staff.
• Learn more about your financial personality and the financial personality of your spouse. Take a FREE financial personality assessment at www.storingtreasures.com.

Money touches every area of our life. When couples begin discussing money issues, they will begin discussing other issues affecting their marriage. Improving your financial compatibility will improve the overall strength of your marriage.