MINNEAPOLIS, Minnesota — Many couples don’t like talking about their money. It’s usually not exciting or romantic. In fact, experts say spending habits can quickly lead to fights in a relationship.
It doesn’t have to be that way. “Couples should make a money summit a priority. It should be done at least once every quarter," explains Nick Foulks, Director of Advising at Great Waters Financial. "A money summit is when you and your partner or spouse sit down and have a face-to-face conversation about finances: where things stand now and your goals for your future. It’s not exactly a night on the town or weekend away, but spending an evening talking about your finances might be the secret to staying together,"
A recent survey shows 82% of engaged or newly married couples said they feel closer to their partner when they agree on money. “Pick a date each quarter for your next sit-down to make sure you and your significant other stay on the same page. Also, consider an annual meeting with a financial professional, who can help make sure you’re on the right track to reaching your goals,” added Foulks.
So what are you waiting for? “First, put it on the calendar! Make a list of specific things you want to talk about, and put your phones away. Turn off the TV, and focus on the task at hand,” said Foulks.
There are FIVE ways to get the money conversation started.
TIPS ON HOW TO CREATE A 'MONEY SUMMIT'
- REVIEW YOUR BUDGET
- SET SAVINGS GOALS
- ESTABLISH SPENDING LIMITS
- PLAN FOR THE FUTURE
- SCHEDULE YOUR NEXT MONEY SUMMIT
Still have more questions? Foulks has a goal setting worksheet. Click here.
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