Tuesday, July 31, 2012
5 Ways To Avoid Financial Issues in Your Relationship
We recorded our fourth podcast today and discussed the concept of "Financial Cheating" in which a partner hides money, lies about purchases, has a secret bank account, etc. (The Janeen and Tia Show Podcasts can be found on iTunes or here)
We came up with 5 ways you can avoid the arguments, contention, and sometimes divorces that can happen from not having open communication about your finances!
1 - Write Down Your Financial Goals Together: This will hold you accountable. If you and your significant other sit down and discuss what you want your future together to look like, it will give you something to work toward as a team.
2 - Go To A Financial Advisor Together: This can also include going to financial seminars, reading books, listening to audio programs, etc. There are so many ways to learn about finances, why not set yourself up for success? Learn how to budget and handle your money in a smart way! And the most important part is to do it together.
3 - Don't Let Money Be A Stress... Talk About It: If you are consistently discussing where you stand financially with your partner, stress about money will be eliminated. When you're on the same page and know exactly where your money is going, you don't have to worry about how the next bill will be paid.
4 - Save Receipts: Yes, this seems old school, but the act of having to ask for your receipt when you make a purchase and then file it away makes you more aware of what you're spending. It's the same concept as some people preferring cash to cards because they can actually see how much they have and what they are putting out. Having a stack of receipts in front of you is much more powerful than looking at your purchases on a computer screen.
5 - Have One Day A Month For Financial Planning: Put it on your calendar and follow through! Sit down with your partner, pull out the receipts, pull out your budget, and see how much closer you are to your goals. This doesn't have to be a stressful meeting either. If you have been following up throughout the month, there will be no surprises. Keep yourselves accountable!