After we got married, both my wife and I knew that we had to deal with money and finances head on. It was not the easiest or the best subject of discussion, especially after a long day from work. However, we kept working on it, and we are still committed to proactively deal with money matters in our relationship.
We have discovered that having a financial plan and a goal; can energize a marriage relationship in countless ways.
Setting financial goals together helps each partner to take ownership of the process.
While couples have different money management styles and behaviors, a well laid plan that is set up by both husband and wife, create an opportunity for both to claim ownership of the plan.
Financial Planning helps couples focus on common goals.
Just like getting directions off map quest when you are planning a trip (when GPS devices were not as popular), a financial plan enables a couple to discuss and merge their personal financial goals into one shared objective. With this in hand, a couple can pursue the objective aggressively or on a slow pace based on their financial position. But they find the joy of sharing a common purpose.
Budgeting and financial planning create opportunities for couple to ‘talk’.
Because men & women have varying degrees of financial risk tolerance, planning a budget together always create an opportunity to communicate. Dave Ramsey puts it this way- “if you are married and have money fights, you are normal. But if this is a real problem area for you, there is also an opportunity to improve your relationship and maybe even reach agreement with your spouse.”
Couples can celebrate financial milestone.
Once you set a financial goal like paying off credit cards, car loans or starting an investment; and you both work to achieve it, there is a sense of fulfillment that is gained, which creates a drive to work on another goal. This is worth a celebration (in my opinion)