Listen to Ed's interview on the WBBM Noon Business Hour where he shares tips and strategies when it comes to couples and money.
Very few couples are entirely aligned with money matters, and that is okay! However, communication is vital when it comes to developing good money habits together.
We each bring our own “money DNA” to a relationship based upon our own experiences. Therefore, developing common financial goals can go a long way to reduce disagreements over spending and savings strategies.
Once your goals are established, determine the steps needed to achieve those goals and do your best to stick with your plan. Staying balanced within your saving, spending, and investing will require some initial discipline but will become surprisingly easy over time.
For newer couples, sharing credit scores and credit history can prevent surprises when renting an apartment or applying for a mortgage. Be upfront, and work together to strengthen your overall financial situation.
Regularly scheduled “financial check-ins” help reinforce financial goals and gauge progress toward those goals. One suggestion is to have these visits during the month after the end of a quarter. For example, visiting during the January, April, July, and October is an excellent time to bring together monthly and quarterly investment, bank, and loan statements for your review.
Make sure you work together with common financial goals. Then, should issues arise, focus on the plan you put in place to achieve these goals. Does the plan or goals need to be readjusted? If so, use the time during your financial check-ins to discuss.
Questions? We are here to help!
This content is developed from sources believed to be providing accurate information. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.