Financial stress is a chief concern for many couples.
Though financial security is one of the top reasons people give for getting married in the first place, financial stress ranks among the leading causes of divorce in the U.S., according to Forbes.
Jamie Bosse‘s advice for couples was included in an article on Credello. The personal finance publication tries to simplify financial decisions through personalized, on-demand recommendations, helping consumers borrow, save, or invest with confidence.
“Money is such a complex topic and manifests differently based on our experiences and memories,”
Jamie also explains that “to some, money may symbolize freedom, power, and joy. Others may associate money with shame, greed, and sin. Many of our biases around money are set before we are even out of grade school and are further shaped by our life experiences along the way.”
Talk through your money history.
“Everyone has a past with money, so when people couple up in a marriage or partnership, there is often a disconnect on their views, and they must work together to find common ground or else get ready for the disagreements,” Bosse says. She recommends asking questions and withholding judgement of your partner’s answers to avoid adding to any existing financial stress. “Understanding your partner’s history will help the two of you move forward together.”
Set and regular time to discuss finances and keep at it.
“It doesn’t have to be a comprehensive review – just a discussion of upcoming expenses, what your family has coming up, and any short term goals you are working on,” Bosse suggests. “If you are saving up for something specific, like a vacation or a remodel, check in on savings balances and celebrate your progress.”
Read the full article and get additional tips on Credello.