Important Money Habits of Highly Effective Couples
One of the most important money habits couples can practice is sharing their money and not hiding it from each other. This doesn’t mean being stingy with your money, though. Instead, you should share it with each other and appreciate each other’s generosity. The key is to keep a balance between spending and saving and establishing a family budget.
Discuss finances regularly
Whether a couple has been together for many years or is just starting out, it is important to discuss finances regularly. Getting your partner’s input on financial matters will ensure that you are both on the same financial page. It is also helpful to learn each other’s money habits. Discussing money issues early can reduce the chance of conflict and ensure sound decisions.
Couples can also have fun with this financial discussion. They can plan a “Finance Friday Date Night” or have quarterly finance summits, sharing information about the household’s finances. They can also use these meetings to set goals for the future together. For instance, they can exchange planning agendas and discuss things like holiday shopping budgets and tracking progress toward retirement.
Don’t hide money from each other
While financial infidelity is not always the result of serious relationship problems, it may be an indication of problems that can be remedied. For example, it could be an indication that one partner is being irresponsible or too controlling. Alternatively, it could be that the couple simply doesn’t share the same financial goals. It’s also possible that a partner is suffering from a serious problem and needs help.
When couples are dealing with money, they should be upfront about what they earn and spend. This includes discussing short-term goals and long-term plans. If one partner is hiding money, this could be a sign that he or she is trying to cover up a bad habit. For instance, an addicted gambler might use a secret credit card to play online poker or a shopaholic may smuggle home new purchases concealed inside a grocery bag.
Establish a family budget
Developing a budget together as a couple is important. It helps you get a clear picture of what each of you is spending. Your income, any debt payments, and any plans for the future should all be considered in the budget. It’s best to be open and honest about these topics, as dishonesty can hurt your relationship.
Couples should also discuss their financial goals with their children. Children have different perspectives when it comes to money, so it’s important to discuss these issues openly. You can also set up an allowance or chore system for your children.
Divide up chores
In addition to sharing the responsibilities of household chores, many couples also divide up responsibilities. For example, one partner may be responsible for paying bills while the other contributes to a retirement fund. If the roles of both partners are equally shared, both partners can feel more fulfilled and satisfied.
While chore delegating may seem easy, it is not always so. A survey conducted by Pew Research Center found that nearly half of married couples say they split chores equally. In fact, 59% of mothers report taking on more household chores than their partners, while just 10% of fathers say they do more housework.