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Money Matters For Couples: Have a Mindset of
ONE
Money is one of the most common causes of conflict among couples.
Here are some tips on how you can discuss finances openly without
fighting.
 
 6 min read

If you’ve ever bickered or fought with your partner about money, you’re not
alone. Investopedia says that it’s the most common causes of conflict, and
Businesswire says it’s the second leading cause of divorce (next only to
infidelity). 

However, the problem isn’t money, but how couples communicate with each
other about money. Money is not the root of all evil. It puts food on the table,
sends kids to school, and buys comfort and leisure. The challenge is to learn
how to discuss and manage money as a couple in a clear, loving way. Here
are some simple tips to help you become more open to discuss money
without any fights.

Be aware of each other’s Money Biases/Background 

We all grew up with biases that affect the way we feel about money and react
to financial conflicts.
Some people aren’t comfortable with talking about money. Maybe you were
taught that it was not “polite” to ask questions about it, or your parents
avoided discussing it in front of you.

Others have a different philosophy about what to do with extra money. Were
your parents kuripot or galante? Did you experience financial struggles while
growing up? This could either make you very frugal or cause you to shop
more, because you want to make up for what you didn’t have in your
childhood. 

To avoid miscommunication, try to understand where you and your partner

are coming from. This can help you choose your words carefully, and arrive at
a better compromise. 

Take a mindset of one 

You share a life, home, and family; you also share assets and financial.
Having this mindset will make you feel at ease about bringing money matters
to the table. Don’t wait until a crisis to talk about money, either!  A survey by
financial education company Ramsey Solutions found that 87% of couples
who feel that they have a great marriage say that they and their spouse work
on their money goals together. 
 Set a Money Date

My husband and I scheduled a date with an objective to discuss our financial

status, expenses, short and long-term goals, and how to grow our money for
our children’s future and our retirement. Since I am more vocal, and he is the
conservative type when it comes to discussing about money, I took the lead. I
set the Money Date two weeks ahead, then reminded him of the date and the
objectives as the day approached. 

I encourage couples to have this important talk at the start of the year, so you
can see which areas where you can improve your financial management. 

Find the leaks 

Do you ever wonder, “Where did the money go? Why are we overspending, or
why haven’t we been able to save a lot?” To find out, sit down with your
spouse and compute: 
 Fixed Income and bonuses (less deductions)
 Fixed Monthly Expenses
 Major Expenses
If you’re in a deficit (more expenses than income), look at where you can
save, and talk about how you plan to avoid overspending. For example, do
you want to use a money or a budgeting app where you track all your
expenses? 

Set short-term and long-term goals 

After listing down and computing together, write down your short and long-
term goals and plan how you’d be able to achieve them together as a couple.
You could either set up a joint savings account, or agree to funnel your
savings into different investment tools. 

The key to a light and harmonious discussion and planning is to always listen
and to compromise. This is not a contest to see whose idea is better, or who
plans more efficiently. Remember the earlier point: have a mindset of ONE. If
your plan didn’t work, move on and never play the blame game.

Money isn’t evil, and if you handle it well as a couple, money can help you and
your family enjoy life. In money matters, two heads and hearts are better
especially when you want it to grow for your family’s future.
 
Reference

About The Writer

 

Louise Santos
Louise F. Santos is a mom of three boys from Manila.  She has been blogging at
www.mommypracticality.com for almost 8 years.  She’s also a freelance multimedia
service provider, and hosts  or organizes events, and digital or PR campaigns. She also
sings in a band, appears in TV and digital ads, and is a voice over talent.  Aside from
her blog, you can follow her on Facebook, Instagram and Youtube.
 
 
 
 
 
 
The views and opinions expressed by the writer are his/her own, and does not state or reflect those of Wyeth
Nutrition and its principals.

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Money Matters For Couples: Have a Mindset of ONE

Money is one of the most common causes of conflict among couples. Here are some
tips on how you can discuss finances openly without fighting.  

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