Debt Monsters

3 Ways Couples Cope with Financial Advice Successfully7 min read

Reading Time: 5 minutes Finding alignment when it concerns financial matters should be one of the top priorities in a serious relationship. Sensible couples know the best ways to practice good financial advice.

July 27, 2020 5 min read
financial advice

3 Ways Couples Cope with Financial Advice Successfully7 min read

Reading Time: 5 minutes

No matter how much both partners earn, money is always capable of causing stress and anxiety. A lack of financial advice is one of the most significant and most frustrating sources of conflict in couples. The secret to a successful relationship is handling conflict wisely. For couples who are struggling with their finances, it can make it rather challenging to stay on the same page when your perceptions vastly vary from the others.

The simplest advice would be to break the silence – just express what is concerning you. However, it is not always that easy. These conversations rarely end on a good note, but some couples seemed to have cracked the code to a happy relationship by successfully navigating through their money matters.

Be Transparent with Each Other About Financial Advice

As a couple, of course, it’s of the topmost priority that the two people involved are always honest with each other. This is specifically true when it concerns money. Many couples completely disregard how important finances are when you’re thinking of staying together in the long run, and all the savings and spending planning that needs to take place.

A person needs to be aware of what the type of financial advice their partner likes to listen to, and they need to clear about their own. Savings and getting rid of debt are the most important factors that a couple can practice learn about their finances.

Financial Advice

Smart Couples Finish Rich is a simple and effective read that provides couples with the best financial advice regarding how to handle their money together, and helpful guidelines to follow up on those ideas. It’s a starter-level book for the couples who are just learning about their finances and need some proper directions backed up by stats and engaging stories.

Not just for new couples, this book is great for partners who have been together for ages and are looking to bring about improvements in the way they handle their money.

The book goes into small details without bringing out large and ambiguous terms that are less than lucid for the average reader. Couples can be sure to get a new perspective on their joined money decisions.

The Best Financial Advice Is To Focus Your Priority List

Let’s admit it – sometimes we get swayed and just splurge our money even when we know it’s not the best decision. It’s good to treat yourself and your partner from time to time, but it’s crucial to know where to focus your cash at different points of your life.

Have you lost all sorts of control over your money? At this point, you don’t even know why you keep spending on every single that can hold your attention for more than a second. Have you lost sight of the more important things in life? Like paying off your student loans, mortgage, making savings for any sort of future emergency?

Couples that can cope with financial advice and troubles successfully are well aware of what spending can be considered “a hint of luxury,” and what can be called “downright over expenditure.”

When it gets too out of hand, and you just don’t know where to put your foot down, or how to progress after you’ve done so, The Total Money Makeover: Classic Edition by Dave Ramsey is a New York Times bestseller guaranteed to impart basic and fundamental financial wisdom. Just seven steps! Seven simple steps are all this book will talk about, but you and your partner will start seeing your finances in a new light.

The title “Total Money Makeover” is very apt for this book, because it will indeed give you a complete financial advice framework that will not only help you get rid of debt easier but give you easier and more clever ways of saving money and building a considerably large nest-egg to fall back on after retirement. Let’s not even go that far. Sensible couples focus on three key takeaways from this book – paying off your loans one by one, saving up, and making investments to build their wealth.

Work As A Team To Compromise And Grow

It’s completely fine when both of your financial personalities change. In a relationship, though, wise couples know that they are a team and that making a relationship work takes a lot of understanding and compromise. The principal objective of any money conversation would be to establish a shared foundation of monetary belief. These couples work on aligning their values and goals in life.

Hiding Purchases from Spouse

Do they want to buy a house? Do they want a lot of children, maybe one or two, or none at all? Do they prioritize a steady life like a cozy house in the suburbs with the mortgage paid off, or do they want a more dynamic way of living where they are constantly on the move, wandering around the world? Different people hold different opinions. Nothing is wrong if the couple is in a safe position, financially.

Whether they want to bring subtle tweaks to the way they’re managing their finances, or they want a full structural change that to accomplish their goals, a perfect budget and an even better plan paired with it keeps them going steady without conflict.

The Total Money Makeover: Classic Edition is the most straightforward game plan you’ll ever find that can bring radical changes to an individual’s financial advice – talking about a wide range of topics that help bring fundamental alterations to the way a couple views money.

From a “zero-based” budget (every incoming dollar is accounted for) to cash envelope systems (creating cash envelopes for every expenditure and filling them with a fixed amount to avoid overspending), this book is a life-changer for couples who are super centered on building their wealth by decreasing their income outflow.

Smart Couples Finish Rich – had he had to put it in the simplest terms, this book is like a manual for living life as a couple who want their finances running smoothly. The topics? Everything between credit card management and long term care.

The two books intertwine to highlight how easy it can actually be for couples to handle their budgetary plans and not have any conflict regarding it.

The Total Money Makeover: Classic Edition starts off very basic, so it doesn’t scare you, slowly making you acknowledge how and why you and your partner should have complementing thoughts about money.

Instead of shying away from a discussion, Smart Couples Finish Rich opens up gates for interesting and meaningful conversations that you can have with your partner for your betterment in the long run. No couple wants money to be a barrier between their loving relationship, and it doesn’t have to be. Couples that are rational and understanding about their financial advice are more likely to stay strong no matter how many problems they might face.

Conclusion

A couple’s financial journey doesn’t end with one simple discussion. You don’t need to be with your partner for years to have good coordination between you two. All you need is a straight plan, some milestones along the way, routine steps that you follow to achieve those goals, and these two books to keep you on track about your progress.

Leave a comment

Your email address will not be published. Required fields are marked *