Did you know that money problems are one of the top issues that couples face? That is why it’s so important to get on the same financial page with your partner and do your financial planning together.
Here are four steps to open money communication and develop a shared financial mindset….
#1 Book time together to talk about money. Make it a “Money Date!”
It’s important to come together with openness and curiosity about each others’ money mindset. You are different people, with different experiences and approaches to spending, saving and investing.
The more you can explore your money mindsets together, the better the understanding you will have about each other’s experiences with money and how they might affect your relationship money habits and money management.
Here are some questions to ask each other to open money communication:
- How did your parents deal with money?
- What are your money goals?
- What is important to spend money on?
- What do you think is a waste of money?
- What is a great investment in your opinion?
- What do you want to avoid investing in?
- Where do you want to retire?
- What are your biggest life goals?
- What are you willing to do and not do to reach those goals?
Your answers will help you get a deeper understanding of each other and each partner’s money habits and goals. This kind of conversation shouldn’t be a one-and-done thing. The more you have these kinds of dialogues the easier it will be to build a shared financial mindset.
As a couple, you will continually face financial decisions and it’s important that you do that together, in harmony. You can reach that kind of on-going accord when you have planned money conversations, rather than rely on spontaneous ones, which can be situationally motivated and emotionally charged.
Calm and open money communication will make you better financial compatibility partners, and that will help you achieve your goals and the wealthy future you both want!
#2 Set your financial goals.
Just like in the other areas of your life, setting financial goals will help you move forward and create the future you want—together.
Be sure to look at the big picture and decide on the immediate goals you need to set to take your first steps toward financial freedom, including:
- The types of investments you want in your portfolio
- Life milestones and the major purchases that go with them
- Using smart debt reduction strategies
- Setting up an emergency fund
- Diversifying your streams of income
After you set your goals, you will need to check in regularly so you can track your progress and make adjustments when necessary. Depending on your goals, that might mean monthly or quarterly meetings. Then, be sure to put that meeting in your respective calendars. What gets scheduled gets done, and your financial future deserves to be a priority.
#3 Increase your financial literacy.
Based on the goals you set, you will very likely need to improve your financial literacy to ensure you are making investments that work for both of you.
There are many ways to improve your financial literacy, including:
- Taking online training courses
- Attending local workshops
- Reading books, magazines and articles
- Watching videos on wealth building
No matter which platform works best for you, make sure that the person you are learning from is reputable and has a proven and repeatable process that works for you as a couple. Read the reviews and get as much feedback as possible to make an informed decision.
I always suggest working directly with a financial planner or master mentor because they can cut through the vast amount of information that is out there and help you develop a financial strategy customized to work toward your bigger life-vision.
#4 Develop a joint spending plan.
Once you have your financial goals set, it’s time to develop a spending plan. To effectively do your financial planning, you must take a look at your joint cashflow and expenses. Track your spending habits first to get a better idea of the bigger picture.
When looking at your expenses, remember to include things like:
- Mortgage and/or rent
- Loan payments
- Car payments
- Utilities
- Groceries
Also look closely at the places where you both needlessly spend money which reduces the amount of money you have to invest at the end of the month. That might include:
- Impulse buys
- Restaurant purchases
- Convenience services like food delivery, online shopping and subscriptions
Remove the unnecessary expenses to maximize the amount of money you have at the end of the month. With the excess money you have, decide how you will invest your money and put it to work for you.
You will be financially free when the income from your assets exceed your monthly expenses.
To be sure you stay on track with your financial goals, automate as much as possible, then you won’t miss investing opportunities.
By following these four steps as partners, you will develop the smart spending habits that will help you budget, invest and plan together, building the life you want and so richly deserve.
To improve your shared financial mindset and have even deeper and richer discussions about wealth and wealth management as a couple, I suggest both of you get my Personal Success Equation. It’s a FREE GUIDE that will help each of you discover how to use your talents and abilities to create even greater success in your life together.
CLICK HERE TO GET YOUR FREE GUIDE NOW!
“Sharon Lechter has been the driving force behind two of the planet’s biggest brands- Rich Dad and Think and Grow Rich. She now shares her strategic genius so that entrepreneurs across the globe are empowered with the tools to achieve their own success and abundance. Best of all, with her tools and mentorship, you can create your entrepreneurial super success too.” – Mark Victor Hanson, Entrepreneur & International Speaker Co-creator of the Chicken Soup for the Soul series Author, The Miracles in You Co-author, The One Minute Millionaire