Have you ever thought about the first memory you have involving money? Was it a good experience or a negative one? Each of us has developed a mindset towards money that started with the first experience we had with it and continues to evolve. This money mindset is specific to you and your experiences. So, what happens when we merge our finances with a partner or spouse? What if their mindset is totally different than ours? Arguing about money has been found to be the top predictor of relationship satisfaction so it is important to understand how this can affect your relationship and discuss it before it causes problems. Don’t let your relationship suffer because of these differences but instead communicate with your partner and understand their mindset and beliefs about money so that you’re on the same page.
Some of the areas that are beneficial to discuss are:
- Goals: We all have dreams and goals that we would like to achieve. Do yours align with your partners? Do you need to compromise? It is important to determine these goals and plan for how you are going to reach them.
- Debts: Debt can be a very stressful topic. And if not talked about can be very detrimental to a relationship. It is important that both people are honest when discussing debt and disclose all the debt they have so they can effectively plan with their partner how they are going to get out of debt. Pulling a credit report and comparing may be a helpful way to discuss this.
- Merging Financial Accounts: Couples with separate bank accounts often have more relationship difficulties than those with Joint accounts. This may be something to consider when you discuss your finances as it can help build a sense of teamwork and provide complete transparency between partners.
- Attitudes and Expectations: As I talked about above our attitudes and mindsets can affect the choices we make with money and how we manage our finances. It is important to understand your partner and your own money attitudes so that you can work together.
Ultimately the most important thing is communication. Being open, honest, and accepting can go a long way in your relationship. The more you communicate and the better aligned you and your partner’s attitudes are the happier your relationship will be. However, in order to be beneficial communication must be effective. Here are some tips that can help; Schedule time for discussion, be goal-oriented, speak honestly, admit mistakes, don’t judge, listen attentively, and look at the numbers. If you need assistance with any of these financial topics, a peer counselor at Powercat Financial would love to help you out.
If you would like to learn more about this topic, please join us as we will be hosting a free informational session on Tuesday February 13th from 7:00 to 8:00 pm in Union Room 227. Reservations are required by February 8th to attend this event. You can RSVP at the link attached below.
https://powercatfinancial.wufoo.com/forms/s1n3h0ey0pa8x3c/
Josh Payne
Peer Counselor I
Powercat Financial
www.ksu.edu/powercatfinancial
