They say that money problems are the leading cause of divorce these days. While many couples argue about money, money itself may not be the issue. Everything in your life affects your finances. Some personal finance coaches encourage couples to sit down once a week (later on, maybe more or little less often depending on your own situation) with their spouse and discuss the budget.
What benefits does this offer?
1. Both spouses (and the kids if they are invited) know exactly what the financial situation is for the family and can make decisions accordingly. It is getting close to the end of the month and the dining out budget has already been met, so the family opts to stay in and eat at home this Friday night. Or the kids can see that if they save up for that video game themselves instead of begging Mom and Dad for it, the family will be able to stay on track planning a fun vacation.
2. Arguments can be avoided! If John knows that there is not enough money in the budget to cover a week-long camping trip, maybe he can work out a weekend instead. At the same time, Jane knows that John has been working hard and deserves a vacation, so she can help spot areas where they can cut back and open up a little room in the budget to make that trip happen. Sitting down together to work on the budget reminds you that you are a team. You care about each other's needs and desires, and you work together to figure out how to make them happen. Besides avoiding arguments, you are actually building a stronger, more loving relationship.
3. You will reach financial goals sooner. If you hadn't really considered financial goals before, this weekly meeting is a good place to talk about them. Want to save up for retirement or the kids' college? Want to plan a family vacation? Each week, you can discuss your goals and see the progress you are making towards them. If a large bill comes up (suppose Mikey needs braces), then you can work together to adjust the budget. This is much better than one spouse simply cutting up the other's credit card to cover the new expense, leaving that other spouse feeling undervalued and not respected. I've heard of this happening, and trust me, it's better to talk about it and work together as the team you are!
iMoneyCoach is a financial life coaching company that exists with the goal of helping people reach financial freedom and a life the LOVE! At iMoneyCoach we not only teach the fundamentals of successful money management, but we also look at how life affects and is affected by finances. This is what sets us apart from other financial programs.
All successful athletes have coaches. A personal finance coach can take a look at your situation and see things from a different perspective or things you had not noticed before. We help you get out of debt, teach budgeting that fits your life, and show you how to set meaningful goals. At iMoneyCoach we want you to not only get out of debt but go on to enjoy financial success.
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