Episode 228 - Money Matters in Relationships
Are you tired of feeling like your finances are out of control? Do money matters create tension in your relationship? It might be time to shift gears and start steering your financial journey together with your partner. Join me, Amber, as we explore the pivotal role of financial collaboration in relationships on the Debt Free Dad podcast.
The Importance of Financial Partnership
In today's fast-paced world, it is crucial not to leave the reins of your finances solely in the hands of one person within your relationship. Both partners play a vital role in shaping financial goals and decisions. Neglecting this balance can lead to strain, frustration, and ultimately impact the stability of the relationship.
Julie's Wake-Up Call
Let me share a story with you. Julie, like many others, found herself in a situation where she relinquished control of the day-to-day finances to her partner. Over time, this dynamic led to feelings of being out of control and financial tensions that culminated in a potential divorce. Julie's story resonates with many, highlighting the commonality of financial stress in relationships.
The Road to Financial Empowerment
By taking steps towards understanding and managing her finances, Julie regained control and paved the way to financial freedom. Her journey underscores the importance of both partners actively participating in financial decisions and being informed about their financial situation.
Tips to Strengthen Your Relationship
To enhance your financial relationship and take control of your financial future together, consider these steps:
- Schedule Regular Money Dates - Allocate time each month to review finances, set goals, and adjust budgets.
- Create a Shared Vision - Envision your ideal financial future as a couple and revisit these goals periodically.
- Educate Yourself - Expand your financial knowledge through workshops, books, and podcasts to make informed decisions.
- Get Help When Needed - Seek guidance from financial professionals to navigate challenges and achieve your financial goals.
Ready to Take the Wheel?
It's time to proactively steer towards a brighter financial future with your partner. Join our free financial workshop at DebtFreeDad.com to kickstart your journey towards a stress-free financial life. Remember, taking control of your finances is a shared responsibility that paves the way for a secure and harmonious future together.
Episode Transcript:
Amber:
Are you tired of feeling like your finances are out of control? Is money causing tension in your relationship? It may be time to stop taking a backseat to your finances within your relationship and start steering your financial journey together. Hi, I'm Amber, today's host for the Debt-Free Dad podcast, where we help normal, everyday people take control of your finances so you can live a happier, less stressful life. In today's episode, we're tackling a topic that affects many of us the importance of not letting your finances be left to just one person only in your relationship. Today, we are going to gain insight into how both partners can play a role in shaping their financial goals together, even if they're not the ones crunching the numbers every single day. Crunching the numbers every single day. So let me paint a picture for you. I have a friend. We're going to call her Julie.
Amber:
Julie found herself in a relationship where she wasn't actively involved in managing the day-to-day finances. Her and her partner couldn't get on the same page when it came to budgeting, maintaining a budget which created a strain causing anger, frustration and guilt in their relationship. So she stopped fighting it. She took her hands off the wheel of their daily finances because she knew she had enough to live a comfortable life, and she trusted her partner to handle things day to day. But as time went on, tensions rose. She found herself feeling out of control and their finances like their finances were running them instead of them running their finances. Now, unfortunately, they found themselves facing a divorce. It was a wake-up call, though, for Julie, who realized she didn't have a clear picture of their financial situation. Does this sound familiar to you at all? Because Julie's story isn't unique. In fact, according to a 2021 survey by a Harris Poll, a whopping 73% of married or cohabitated Americans experience relationship tension due to money decisions, and it's not a surprise that financial problems are cited as a cause in 38% of divorces, as reported by Forbes. com. So, now that Julie has put the hard work in and started managing her finances on her own, she feels in control. She feels like she has a clear path. She knows that financial freedom is possible.
Amber:
So what's the key takeaway here? Okay, both partners need to have a say in their financial goals and to be aware of their financial situation, even if they're not the ones handling the day-to-day tasks. It's about creating a partnership where both voices are heard, where both partners understand their financial goals and where both know what to do if one isn't around. Taking control of your finances doesn't mean one person has to do it all alone. It's about teamwork, communication, shared responsibility. Whether it's setting financial goals, creating a budget, planning for the future, both partners should be actively involved and committed to the journey towards their financial freedom. So just because my friend's situation may sound familiar, it does not mean you're destined for a divorce or separation. But this may be your wake-up call to start getting more involved, or, if you're the one who's primarily making the decisions, to get your partner more involved so that you both can take control and knowing you have a say and are working towards your financial goals together. So now that I've explained the importance of both partners actively participating in their finances together, let's dive into some steps that you can take to strengthen your financial partnership and take control of your finances together.
Amber:
Number one schedule regular money dates. This one's my favorite. I love doing this with my husband. Set aside some time each month to sit down with your partner and review your finances together. Use this opportunity to discuss your financial goals, track progress, make any necessary adjustments to your budget. Create a shared vision is number two. So take some time to envision, dream your ideal financial future together. What are your long-term goals? Do you want to buy a house, save for retirement? Travel the world, write down your goals and discuss them together and then go back to those goals because they may change as time goes on.
Amber:
Number three is educate yourself. Take the time to educate yourself about personal financial topics such as budgeting, debt management, maybe retirement planning. Attend workshops, read books, heck, listen to podcasts like the Debt-Free Dad, to expand your financial knowledge and make informed decisions. Number four is get help. If you feel you need it, don't hesitate to get advice from a financial coach or a counselor. If you're struggling to manage your finances or resolve financial conflicts with your partner, a professional can help provide personalized guidance and support you to help you achieve your ultimate financial goals. So are you ready to take the wheel and drive towards a brighter financial future with your partner? If so, join our free Life Without Payments workshop today. Our free workshop is the perfect place to start your journey to a stress-free financial life. Head on over to debtfreedad. com to get on that free financial workshop Now remember, take control of your finances so they stop controlling you.
