Submitted by COUNTRY Financial
Edited by Lawndale Bilingual News
If you are one half of a couple, you know all about compromising. From setting the thermostat to choosing the next show to binge, you navigate life together. Some decisions have more impact than others, like parenting styles, religion, and of course… money. You can find so many statistics that tell you financial issues are the most common factors leading to friction in relationships. Money topics are very personal and talking about them can be intimidating. Consider these tips for having money conversations with your partner, setting goals, and building a solid financial future together.
1. Make time to talk about money
When it comes to talking about money, think of the old adage, “an ounce of prevention is better than a pound of cure.” Embrace discomfort and have candid and courageous conversations before financial differences because major issues in your relationship. Start by sharing your hopes and fears about the future, as well as the financial implications of each one. You may not agree, but this dialog should end with a better grasp of each partner’s feelings and priorities.
2. Set financial goals
Let’s use a sports analogy – when it comes to finances, you don’t have to play the same position, but you need to be on the same team and run the same play. After sharing your financial aspirations get on the same page and prioritize what you’re going to tackle, in what order. Start by focusing on the big financial topics like budgeting, managing debt, preparing for retirement, financial goals like children’s education needs, and protecting against the unexpected. Once you can agree on these big topics, move onto other lower-priority topics.
3. Get professional help from a trusted partner
While couples should educate themselves about financial topics, they need to put that knowledge into actions that will improve financial outcomes. Even with the best of intent to go it alone, most people will find better success working with an experienced financial professional who can help them understand their needs and provide guidance customized to their needs and best interest. In classical economics, you could think of it as division of labor. Let a financial professional leverage their expertise for your benefit. That financial professional can also help keep you both focused on the same goals and mediate any differences you may have. Together, you can build a plan to help you and your partner achieve your goals. By having open, honest conversations about money and financial goals, you and your partner can help avoid conflicts and help set yourselves up for success.
Investment management, retirement, trust and planning services provided by COUNTRY Trust Bank®
