By Alan Prahl
On Valentine’s Day, we often celebrate and express our love by buying presents like flowers, candy or cards. Another way to build your relationship is to learn to talk about money. While this may initially feel uncomfortable, with practice it becomes much easier and often strengthens relationships.
Here are some simple strategies.
Every payday give each partner some personal spending money that can be spent on anything.
Talk through disagreements
Don’t blame the other person for doing all of the spending. Usually both people spend more than they realize. If you disagree, talk about it. Patient communication and compromise can help you identify choices both partners can live with.
Plan for the unexpected
Unexpected expenses and low savings can strain relationships. Strive to have at least three months of living expenses saved for emergencies.
Want to jump-start your savings? Save most of your tax refund. You’ll sleep better knowing you are prepared for the proverbial rainy day.
Keep debt low
Many couples disagree about debt. If debt is a concern, work toward reducing it. Don’t take on more debt unless you both genuinely agree.
Valentine’s Day is a great time to express love for others. It’s also timely to reflect on how we can make our relationships even better and take steps to reduce financial disagreements.
Power of Money workshops have helped many people to talk about their financial priorities. Learn more at Power of Money workshop or call 920-886-1000.