Most couples have one decision maker and one...not making the decisions. While this may work for some, it leaves out a second set of eyes, experience, and ideas that could mean you lose out in the long run. Plus, if something happens to the decision maker, the other person could be in real trouble because they don't know what's going on! So, kick around the idea of starting a summit with your spouse. Here's how to do it.
Here are Five Fast Facts on having a financial summit with your spouse:
- 📅 It's A Date - Plan regular meetings (maybe once a year, maybe more if it works better for you), because “we’ll talk about money someday” usually turns into…never. And have it in a neutral location (translation: public) where you're less likely to get emotional about disagreements, and include an objective third party - like a financial advisor - if needed.
- 📝 Bring Your Homework - Couples should go over their expenses, savings, debts, and investments since a lot of spending is on autopilot. No more surprises because of 72 streaming services or spa treatments! Getting in sync is setting yourself up for success!
- 😡 It's Intense - Money causes drama! About 3 out of 4 couples say financial decisions cause tension, which means your last argument about takeout was probably just the warm-up round. (Just know that you're not alone!)
- 🕶️ History-Colored Glasses - Financial tendencies often have deep roots from the past. Everyone comes into a relationship with different perspectives and expectations, so ask questions to understand where you're both coming from, and then work forward from there.
- 🤝 Howdy, Partner! - In the end, you're on the same side! Be open to discussion and compromise, and set goals together. It's your future, so make sure you're both on board with how you use your paychecks. And celebrate your successes along the way!
🔥Bottom line: Don’t treat money like a secret mission. When couples talk regularly, share responsibility, and actually listen to each other, they make better decisions and avoid total chaos if something unexpected happens. Sure, financial meetings might not sound fun, but they’re way better than arguing over a mystery charge labeled “Online Purchase #47” or who bought what on Amazon.
How do you handle financial decisions with your partner?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
BTW, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
