4 Steps to WIN with Money in Your Marriage, Ep #145

Do you and your spouse fight frequently about money? Are you on completely different pages when it comes to spending money? Do you feel like you’re being heard? You should start the conversation now by having regular meetings with your spouse to discuss your financial plan. If you’re ready to win with money in your marriage, listen to this episode of Best in Wealth![bctt tweet="In this episode of Best in Wealth I share 4 Steps you can take to WIN with Money in Your Marriage! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:42] How are you surviving Coronavirus?[4:42] 3 reasons married couples fight about money[9:32] Step #1: Actively listen to your spouse[13:00] Step #2: Respect what your spouse said[14:11] Step #3: Compromise to find a middle ground[15:53] Step #4: Commit to a spending plan[20:11] Where are you in your marriage?Three common reasons married couples DON’T win with moneyMost couples that fight about money fall into one of these three categories:You have debt: One or both of you have debt. The higher your debt the higher the chance you’re fighting about it. Debt breeds stress which leads to more arguments.Different values: Do you and your spouse hold different values about money? Does one of you find comfort in saving money and the other like to spend money on comfort? My wife enjoys spending money on vacations while I’m more of a homebody. Neither is bad—just different.Income disparity: Does one of you work outside the home and the other is a stay-at-home parent? OR does one spouse make more than the other? Sometimes, the spouse that makes more starts referring to the household income as “my” money—which is dangerous to get caught up in.Everyone comes from different family backgrounds and has different beliefs about money. But there are some steps you can use to overcome those differences to get on the same page.Step #1: Actively listen to each otherThe first strategy is to actively listen to each other. Spend time talking about short and long-term goals for your future. What’s important to you? When do you want to retire? What do you need to save monthly to retire when you want to?To win with money, I recommend setting monthly “money dates” where you meet in a low-tension setting to discuss your budget for the month and where your money will be allocated. It’s important to set aside time for each other to talk and listen.[bctt tweet="In order to #WinWithMoney, married couples need to actively listen to each other. Listen to this episode of Best in Wealth to learn more! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Step #2: Respect your spouse’s feelingsSo you’ve set aside time to chat with each other about your money goals and have listened to your spouse’s desires. Now you need to take it a step further and respect what your spouse said. Just because something isn’t important to you doesn’t mean it isn’t important to your spouse. When you take the time to actively listen and comprehend what your spouse wants to do with your budget and respect their opinions, you’re less likely to fight.Step #3: Compromise is KEYOnce you’ve practiced active listening and chosen to respect your spouse's opinion you move on to find a compromise. Compromise will allow you both to feel comforted with how you’re handling your money. Compromise is powerful. It shows that you really listened and are willing to make sacrifices so that each person is happy with the decisions you land in. Don’t let the connotation of compromise be negative—compromise is a wonderful...