Nearly every married couple has had a feud about finances at least once. In fact, money is one of the top reasons couples argue. Money tops the feud charts ahead of the distribution of household chores, parenting and politics.
Discussing money makes most people feel vulnerable and when they feel vulnerable, they sometimes get defensive. How can you prevent this feeling in your relationship? You should start by having an open conversation about the current state of your finances. You should discuss everything from the debt you owe, to your account balances. Once you’ve become transparent about your finances, you can devise a plan for how to reach your financial goals.
The key to setting financial goals that stick is deciding on them together with your spouse. When you work together to set financial goals, and they’re mutually beneficial, you’ll both be more motivated to stay on track. Working toward a goal together might even bring you closer together! If there are bumps in the road, just pick up where you left off and get back on track as quickly as possible.
The one sure fire way to keep finances from turning into a feud is to remain transparent throughout your relationship. Discuss large purchases before making them and agree on any deviations from the original financial plan before acting. By doing the hard work up front and taking a vow to remain transparent from the beginning, you’ll help negate financial feuds down the road.
If you need more advice about how to improve your financial life, like how to purchase a home, or open a specialty account, Centra is here to help you. Need help planning for the future? Our Centra Financial Services specialists can do that too! Make an appointment at your nearest Centra location on our website and get started toward a better financial future!