“How Do I Get My Spouse On Board With Our Finances?”
This is a great question, and finances are one of the most common causes of marriage fights and divorce. It’s important for you and your spouse to be on the same page about your financial goals, otherwise it will be impossible to reach your full potential.
Communication plays a huge role in your marriage, and will be cornerstone of your financial relationship. First, you need plan out what you want to discuss in the conversation with your spouse. You’ll need to be explaining what you want to do (what are you goals both short and long term) with your family’s finances. You will also need to explain why you need your spouses help and commitment to the achieve this goal. Try putting together a budget of your monthly expenditures realizing you will need to go over this with your spouse and both be in agreement on where your money is going.
Very important!!! You want to AVOID putting your spouse into a defensive position. You don’t want your spouse to shut down thinking you are accusing them of financial missmanagement. Remember marriage is two people, and it takes two people both making decisions to end up anywhere in any type of financial situation. Try avoid saying you statements, for example “I need you to change your financial habits” or “did you realize how bad our finances are” Instead try putting it in terms of where you are and what you’ve missed. For example if you make a gross income of $90,000 a year, and it’s been 5 years since you have been making that income, and you have only $2,000 in savings you could say. “We have made $450,000 over the last five years, and have only managed to put $2,000 in savings, and I have no idea where that money has gone.
After this initial conversation you’ll want to put your passion into action. This is most effectively done by creating a monthly spending plan before the month begins. This spending plan or budget just needs to be a simple Income – Expense = Left Over. This may seem too simple, but don’t forget you might be like the example above and have blown through $448,000 in 5 years, with not much to show for it.
Now that you know what to avoid, get out there and start changing your future.