The stress associated with managing money can be considerable for couples. The strongest predictor of divorce is couples' financial disagreements. Moreover, money is the leading cause of stress among American adults.
For most people, talking about money is hard at first, especially if they've never done it before. Over time, the conversations will get easier and you'll feel empowered. In a past episode of the Modern Husbands Podcast, Dr. Olson shared that couples report talking about money is easier than they thought, but you have to start.
Schedule a time to discuss money with your spouse. Experts recommend regular household business meetings, often called money dates, to keep couples on the same page financially. They also recommend dividing money management tasks based on their skill sets and what they like to do.
On your money dates, prioritize identifying how money fits into each other's personal values.
Be open and honest about your financial decisions. Two out of five couples deceive each other about money, and 1 in 10 people lie. Financial infidelity can lead some couples to separate finances or even separate in their marriages.
Dig Deeper
Here are five of our more popular posts that focus on how couples can talk about money.
Modern Husbands Podcast Episode
Talking About Money: How Couples Can Agree About How They Spend Money
We hosted Dr. Michelle Kruger CFP®, who holds a Ph.D. in Financial Planning, Housing, and Consumer Economics. Her dissertation focused on Financial Satisfaction and the Joint Financial Management of Couples.
🔔 Click here to listen and subscribe to the Modern Husbands Podcast on Apple.
🔔 Click here to listen and subscribe to the Modern Husbands Podcast on Spotify.
"2023 Plutus Award Finalist: Best Personal Finance Content for Couples or Families"
Show Notes
0:00 Introduction
1:18 How Dr. Kruger uses her educational background to support her married clients and the importance of both spouses attending and engaging in financial planning meetings.
7:20 Dr. Kruger and Dr. Ross work through questions she poses to couples, the purpose of the questions, and some of the challenges she sees couples face, and how to work through them.
8:00 Q1 What are our long term goals as a couple/household?
12:20 Q2 and Q3 Do we agree on how we spend and save our money?
18:10 Understanding the psychology behind why it is so hard for many to save for the future but spend in the moment
25:44 Q4 Do we align in our willingness and comfort level when it comes to taking risk?
33:54 Q5 Who is responsible for day-to-day management of household finances and planning for the future? Will it be a joint activity or will one person be primarily responsible? And once an arrangement is decided on, are both partners truly comfortable with that arrangement?
39:37 One piece of easily actionable advice for our listeners
Learn More
Couples who learn more, save more, and spend more on what is important to them.
For engaged and recently married couples who want to manage money and the home as a team.
Self paced online courses for couples designed by national financial therapy and financial planning experts
Winning ideas from experts to manage money and the home as a team. 2023 Plutus Award Finalist: Best Couples or Family Content
🔔 Click here to listen and subscribe to the Modern Husbands Podcast on Apple.
🔔 Click here to listen and subscribe to the Modern Husbands Podcast on Spotify.
Winning ideas to manage money and the home as a team delivered to your inbox every two weeks. You'll even receive a few free gifts!