Latest posts by Kumiko Ehrmantraut (see all)
- How to Build Equity in Your Home - May 27, 2020
I am so honored to be guest posting over at Resolution 365! I just love Abby and find her to be one of the nicest bloggers out there!
Dealing with your finances can be very overwhelming. Throw a husband and kids into the mix, and it can be downright hard! There are many things that may affect your marriage or family relationships, don’t let finances be one of them. Whether you are a finance wiz, or don’t have a lot of experience with personal finance, there are 3 simple rules I would like to share with you today. These rules will help you deal with your finances as a family, and allow you to find financial peace together.
Don’t Assume Your Spouse Knows What You Know
Everyone grows up with different backgrounds. You might have grown up with a family who was very open about finances, or a family who taught you all about balancing a check book, but maybe your spouse did not. This is one of the biggest causes of frustration when families try to talk about money. One person is great with finances, and was taught everything they needed to know to succeed financially – but the other person in the equation was taught nothing. Never assume your spouse has the same financial knowledge you do. Be patient, and respectful when talking about finances with your other half.
Always Have Family Finance Meetings
Make sure you are both on the same page when it comes to spending money. Figure out your expenses, and communicate with your spouse. Designate a time every week, every two weeks, or every month to sit down together as a family to talk about where you are with your finances. I always think it’s a great idea to involve children in the conversation, as you are teaching them valuable lessons in finance, money management, and goal setting. In your family finance meetings, talk about upcoming expenses, purchases you want to make, and finance goals you want to achieve as a family. This is what pulls you together, and allows everyone in the family to be on the same page. Stop your spouse from yelling, “You spent how much on what?!!” Talk about big purchases before hand, and always allow them to be a part of the decision. Waiting until your spouse racks up a fortune on the family credit card, will only make the conversation harder. The goal of family finance meetings is to have a calm, relaxed, and open discussion when there’s no lingering emotions at play.
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