A successful strategy for handling money with a partner means establishing procedures and understanding emotional implications. Establishing procedures and taking a look at the numbers can reduce uncertainty and conflict. Honestly working through emotional aspects is critical for success. Below are some steps to help. Make a time for the discussion when you are both relaxed. Take one step at a time.
- Discuss your values, goals, and priorities. Consider both long and short term goals. Try to come to consensus and establish priorities.
- Understand your money personalities. Are you a spender? A saver? Explore underlying issues such as feelings of insecurity about the future, social status, and commitment.
- Set-up a budget. Start with priorities. If both spouses work, decide how incomes will be allocated. If your budget allows, consider a set amount of “discretionary” money that each partner will have as fun money. Also decide types of purchases you will consider together and those you will handle independently.
- Take a look at your credit report. The federally authorized site will provide the most details about credit history annualcreditreport.com. At this site you will not receive a score, but the report details provide a big picture look. Explore your feelings about credit and debt.
- Communicate honestly and considerately. Listen to the emotions being expressed.
University of Florida Master Money Mentors can provide free, unbiased 1-1 education sessions to couples and individuals who would like to develop a spending/savings plan, learn more about credit, and save for future goals. If you are interested in finding out more email Lisa Leslie firstname.lastname@example.org