Money Advice

Many couples fail to discuss how they share their financial obligations. It is understandable how this happens because any talk of money can feel too business-like and unromantic, and is the type of discussion that can be ripe with conflict. However, this is a conversation that needs to be had, and had regularly.

Avoiding the topic of your financial relationship will lead to a series of assumptions, expectations, misunderstandings, mind-reading, and passive-aggressive behaviors.

The tendency to let financial decision-making unfold in relationships without prior planning and communication leads money to be a top contender in couple conflict. All of us have beliefs about money that we bring into marriage, beliefs about how it is all going to work, but too often we do not articulate these beliefs to our partner. Our money beliefs are created, often subconsciously, with influence from our families, society, and gender-related expectations. Often, neither spouse knows what the other expects nor how his or her partner’s beliefs will mesh with his or her own. Hence, the struggle over money.

Millennials today, more than ever, are trying to navigate through the difficult maze of financial independence and security. The problem is many times they may face several challenges along the way primarily because they don’t understand some key points when it comes to their credit scores.

I have a few tips Millennials should consider reviewing with their financial advisor or CPA in the near future.

Are you constantly worried about all the bickering and blaming when it comes to money within your relationship? Well, you are not alone. Follow these simple tips and your marriage can be improved when it comes to finances within your family dynamic.

1. Improve communication. One of the biggest reasons why couples have financial unrest is lack of communication. One of the best ways to combat this is to set up a "financial date night."

An important thing for all newlyweds to consider is how to successfully marry your finances. Studies show that no matter how much a person makes, fights about money are among the biggest frictions in a marriage and top contributors to divorce. While everyone sees financial well-being differently, there are things you can do to ensure that friction is minimized, so that you can spend more time doing the things you love and building a life together.

If you're recently married, congratulations! With all the incredible changes in your life, you'll soon discover that some of the most important changes involve money.

From sharing bank accounts and setting financial goals to making sure you have enough insurance, there's a lot to talk about. Since money is such an emotional issue—and a leading cause of divorce—your marriage's success could well be determined by the financial habits that you and your spouse establish from the start.

The wise use of money is the only advantage to having it. ~ Ben Franklin

In an earlier time, under the influence of the traditional Christian ethic, virtue assumed a divine quality. Among these principles was thrift, honored for its own sake. I recall a popular tale about the wife of a man of extremely modest means whose food shopping consisted of selecting the lowest priced items from numerous markets. Naturally she walked from store to store or perhaps "trudged," to add a touch of pathos. In any event, the story served its purpose. It illustrated a frugality next to godliness, with no limit to the exaltation experienced in such behavior.