Talking about money may not be the first thing you think of as Valentine’s Day rolls around. But consider- the primary cause of divorce isn’t what you think (although sex is a close second)- it’s differences around money.
How well do you and your partner communicate about money?
Fidelity Investments did a Couples Retirement Study in 2015 with some startling results. Although a majority of couples said that they communicate exceptionally or very well about finances, almost half couldn’t identify how much their partner earns. Ten percent of couples were off by $25,000 or more!
Did you know that one in three Americans admits to lying to their spouses about money, men and women equally?
A Money Date may not set the same romantic mood, but may well be more effective in keeping you and your partner together than all the red wine, flowers and chocolate sold for Valentine’s Day. (Well, maybe not the chocolate). Just like in your romantic relationship, regular, honest communication and understanding cement a strong financial foundation that can bind you together, come what may.
For this first one, talk about your shared goals. This is just as important when you’re getting serious with a new partner, if you’re planning to move in together, if you are newlyweds, or even if you’ve been married for years. Goals change, people change. What do you want in your future? A new home? Children? A new car? Travel? A big anniversary celebration? Retirement?
Wherever you are in life’s journey, sharing your goals and dreams with your partner is part of what makes a relationship and a marriage meaningful. Once you’ve shared your dreams, put some specifics in. How much does your new car cost? Will you need to take a loan to buy it? What’s the cost of a new home? A new mortgage? If children’s education is on your list, how long do you have to save? Are you thinking of retirement? When? Where?
When you move from dreamtime to practical application- that’s when you call in your financial planner, to help you put dollar applications to your goals, and make a plan to move forward to achieve them.
What’s next?
Stay tuned for Money Date #2- Where do we stand? How to get a solid picture of your financial situation now, to be able to realize your goals and dreams in the future.
If you’d like to discuss any of these helpful tips, schedule a Financial Clarity session with me at www.calendly.com/contactAGrace.
