How Should Couples Share Finances?
Welcome to another episode of Financially Naked: Stories from The Financial Gym! Jesse, a Certified Financial Trainer, is joined by Rebekkah, our Client Experience Manager. This February, we're diving into the intricacies of managing your money as a couple. As married individuals, they have first-hand experience managing money within a relationship.
Rebekkah, who lives in Washington, initially kept her finances separate from her husband's, but their approach has since evolved towards more joint management. On the other hand, Jesse and his wife, based in New York with two daughters, have found that maintaining separate financial accounts works best for their family. Join Rebekkah and Jesse as they explore how the dynamics of a couple's finances can shift over time and with personal growth and how working with a Financial Trainer can help throughout the process.
Podcast Notes
Why are money conversations important?
Money is emotional, and talking about it at every stage of your relationship is important. This can be intimidating, but it becomes easier the more you practice.
As a couple, these conversations are about deciding what you want to do together and how your finances can support those dreams and goals. Always approach money conversations with empathy and from a non-judgemental place.
Money conversations should encompass the day-to-day budgeting and the big picture, like a wedding, home, or children. Everything is connected, so you have to work together as a team, no matter how the money is managed.
If you plan to get married, before doing so, sit down together and make sure your life goals are in sync. Once you're married, uncoupling becomes a much more complicated process.
The benefits of working with a Certified Financial Trainer
Rebekkah and her husband used to have separate finances but decided to combine everything. Working with a Trainer made the process simple. Combining their finances made managing their money as a couple much easier.
Trainers at The Financial Gym have indeed seen it all, so if talking about money as a couple feels stressful, a Trainer can be a fantastic resource. They can look at the entire picture holistically and create a plan for you.
A third party not emotionally involved in your money can bring a fresh perspective to the conversations. They can help you find compromises and keep the conversation neutral or positive.
Working with a Financial Trainer means you have scheduled money conversations on the calendar, even if you struggle to keep up with money dates outside of your check-ins. These will help you stay on track and have a record of your progress as a couple over time.
Closing Thoughts, Tips, and Tricks
There is no wrong way to manage your finances as a couple as long as everyone feels comfortable and involved.
Becoming financially healthy is a long-term journey; it takes time, and there will be ups and downs. Talking about your goals is important so you can make decisions together and be on the same page.
When you work together as a team, you have a built-in accountability partner working towards your goals. When sacrifices are made, you can be in it together.
Communication is key. If you struggle to talk about money as a couple, a Trainer at The Financial Gym can help facilitate and simplify the process.
If you want to work with a Certified Financial Trainer to help navigate your finances as a couple, schedule a free warm-up call today! If you have any ideas or questions for the show, send an email to trainerpodcast@fingyms.com.
Resources
Meet The Trainers
Meet Jesse Gan, Certified Financial Trainer
Meet Rebekkah Holleman, Client Experience Manager