Yesterday the NBC “Today Show” caught my attention with their topic – How Finances can strain a Marriage. We all know that money is one of the leading causes of divorce in this country. Despite the statistics, it’s still possible to create financial harmony in a marriage.
Here are a few tips to Create Financial Harmony in a Marriage:
- The first step in creating financial harmony is to openly communicate with your spouse about finances (debt, credit score, salary etc.).
- Good communication is the key to a lasting marriage. I’ve personally asked people who’ve been married for a long time the secret to a successful marriage and COMMUNICATION has always been their primary response.
- Set Financial Goals:
- The next step is to layout your financial goals (retirement planning, eliminating debt) as a couple.
- Read my post How to Gain Control of Your Money (See Step 2: Set your goals) for goal setting tips.
- Work Together:
- Create a financial plan that works best for both of you to manage your household finances. Sharing household financial responsibilities (mortgage, utilities) with your spouse helps to keep everyone involved.
- Work together towards achieving your financial goals.
Watch the “Today Show” segment below to hear Jean Chatzky (Today’s Financial Editor) and Dr. Gail Saltz (psychiatrist) share their tips to avoid “financial infidelity” with Al Roker.
Do you have any other tips for creating financial harmony in a marriage? What has worked for you?