Money can be a touchy subject and one that may cause stresses on a relationship. One way to help combat problems is to communicate with one another. According to a Wall Street Journal poll, 75 percent of Americans have disagreements over money or household finances with their significant others. Money issues are also a contributing factor to divorce. In the November issue of Real Simple magazine, the money section talks about these conversations to have with your spouse.
Where does all of our money go?
The article suggests that every couple have this discussion. Overspending is often a problem in relationships and needs to be addressed. If it seems everything is fine, it’s good to check in and make sure things are still okay. One suggestion is to keep a monthlong spending journal to track expenses. When it’s the end of the month, sit down and take a look. Create a list of goals and look at ways to cut back spending if necessary.
Do we need to change who does what?
My husband is the one who handles our finances and he’s very good at it. However, in some relationships the husband or wife may not want to handle everything themselves. Real Simple suggests you compile a list of all financial decisions or tasks that are made in your home. Maybe hold a monthly time to sit down and go over your list and see if the responsibilities need to be switched.
Are our retirement plans on track?
With 401K’s taking hits and other problems, make sure you discuss this topic. Take a look at your account statements (as painful as that might be). Be honest and discuss concerns or fears about the future. The article suggests using an online calculator. Maybe you need to schedule an appointment with a financial planner to offer advice. To find a licensed one check out Fpanet.
What is our risk tolerance when it comes to investments?
Work as a team when discussing investment goals. Whether you are risky with investments or like to be conservative keep your emotions in check and find a middle ground. Check your portfolio online and read some articles or books on investing.