Check out FOX 59’s BottomLine segment on marriage and finances this Thursday (4:00pm) with FORUM’s own Andy Mattingly.
Not knowing where your money is going can spark a lot of arguments. Time spent with your significant other should not be filled with resentment over finances. Besides, who wants to argue on Valentine’s Day, anyway?
Here are three things to keep in mind so you can enjoy time with your significant other:
“Honey, let’s talk about money.”
Conflicting money values can have a disastrous effect on marriage. What happens when one spouse was raised in a household of penny-pinchers, while the other had family that bought anything they wanted? Well when you combine the two, you get a lot of heated arguments over how money should be spent.
Fortunately, arguments can be avoided by knowing these things in advance and figuring out if you’re financially compatible. If not, see if the two of you can plan a budget. Otherwise, one spouse will believe the money is spent foolishly, and the other spouse will quickly become fed up with the constant criticism.
“I want it,” doesn’t mean, “I need it.”
Think about how your purchases affect your financial stability as a family.
Research on marital happiness consistently suggests that materialism increases the chances of divorce. In a marriage, materialism can be an issue when a spouse is buying in excess for themselves, or even buying for the other person. Both situations, thoughtful or not, can drain checking and savings accounts
If you take this a step further, you can imagine the effects of materialism on children, and they are not positive. A loving family does not need to buy material items to express love.
“Things will work out on their own, right?” Wrong!
Have goals but having trouble meeting them? You will have more than you can put a price on if you are able to communicate about finances and execute an obtainable plan.
Working together with a financial planner can be very beneficial because it forces couples to develop a plan they are more likely to follow. Remember, if you don’t have a plan, you won’t meet your goals.
Okay, so maybe a budget isn’t the best Valentine’s Day gift, but it certainly helps. If you’re not so worried about money, you will enjoy Valentine’s Day a lot more.