In my own practice, money is one of the big three. Let's face it, couples fight, argue about, discuss or cuss about three things: children, sex and money.
The Chicago Tribune has an interesting article today about Joint financial values vital in building strong marriage. Good article with some great tips and advise. Read the entire article at the link above.
At the end of the article are some tips to avoid financial conflicts.
- Understand what drives your partner. How did money play a role in his or her parents' marriage? Does your partner see money as a means primarily to enjoyment, security or charitable giving?
- Don't saddle one spouse with all the record-keeping and another with all the spending. Ditto for investments: One partner may do the bulk of the administrative work on your investment accounts, but both need to buy into the risk tolerance and investing strategy.
- Every year, draft a spending plan that both partners agree to follow. Review it monthly so you can discuss any overspending before it gets out of hand.
- Seek formal counseling if your money fights are camouflage for much deeper problems, like secrecy or lying.
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Marriage, Finances, Debt, Credit
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