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Money Conversations Everyone Should Have With Your Spouse

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Money Conversations Everyone Should Have With Your Spouse

Everyone needs to sit down with there spouse and have a conversation with money these simple steps will help you have the financial talk that you need to have with your spouse.

1.) Sitting Down

When is the ideal time to talk to your spouse about your financials? Well simple really yesterday, even if your finances seem to be in good shape, you still need to check in regularly in case priorities change or debt will sneak in without any notice. What you need to do first is suggest to your spouse that the two of you get together and keep a month long spending journal that tracks personal and household expenses. When the month is over and it is time to talk, focus on your feelings rather than his actions. Try explaining to your spouse that you will sleep better if you know your finances are in order. This will take any judgment out of the discussion and offers your spouse a concrete way to work with you and make you happy. Then use the spending journal to help you both look  for ways to stay on your budget, cut back spending and to save more money. This is also a great time to create a list of long-term savings goals. Sit down with your spouse and create a budget this will help you figure out where all your money is going.

Where is all the money going? This is a very important question you and spouse need to ask each other. If you do not know where your money is going you could end up running low on money, not to mention straining your relationship. Financial issues are the number one reason people are divorcing. The biggest marriage breaker is over-spending, oftentimes a spender marries a saver. The saver isn't to happy with the spender trying to spend all the savings and wont compromise and their relationship can quickly get complicated.

2.)Do You Need to Change Who Does What?

Do you need to change who does what? What you need to do is compile a list of every financial decision that is made or task that is performed in your household, from paying the gas, mortgage, car payments, credit card bills, etc. Its best the saver of the family to pay the bills, and put money away into RRSP. With that being said it is important for couples to share equally in the day to day financial duties. If the balances get out of whack or if you are juggle tasks that you don't understand, then bills could be missed, you can then ruin your credit scores and resentment and conflict may arise between you and your spouse.

You are going to want to suggest holding a monthly household finances meeting. When you talk about money on a certain date. Could be the last Saturday or Sunday of every month.  When you talk about money at appointed time tempers have a way of staying check and work will get done. First go over you list and reassign any responsibilities more evenly and appropriately. Then at the end of every month go over the list of bills make sure everything has been paid. Money has been put aside in the budge. You haven't been over spending.

3.) You will also need to discuss your retirement Financial goals. There are many retirement calculators online for you to use to help you determine how much money you will need for retirement.  Just don't be discouraged when it tells you that you need to start putting away $500 every month till the age of 65 to have enough money. Remember that if you can only put $50 a month away then you should still do it. This way you are able to contribute more you have at least already started. Everyone needs to start somewhere weather it is big or small. You and your spouse need to figure out your retirement plans and goals. If you plan on living a simple retirement, or more of a traveling type of retirement.

 

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