Adding romance to financial planning

Many couples spend more time planning their wedding than their financial interdependence. Yet it is common knowledge that money is the a common source of disagreement for couples, regardless of age or life stage. Because money matters, commit to spending more time to improving your financial position.

1.   Start with something romantic by talking about your dreams for the future.  Where do you want to be in 3, 5, or 10 years? 
2.    Next, make a joint commitment to overcome any obstacles standing in your way.  It can be very unifying to work toward a common goal. 
3.   Finally, vow to meet each month to discuss your financial goals and expectations. Review your budget regularly in order to identify problem areas.  Don’t be discouraged by the occasional setback.  Make adjustments as often as needed to ensure financial success.     

As you go through these exercises, make the resulting decisions together and agree to disagree.  Remember that everyone has their own money style, which has been shaped by their past experiences.  Just because your partner’s style is different does not make it wrong. Approaching the issues honestly and openly gives you a much better chance at a strong, healthy financial relationship.  For more on this topic, watch the video about Love and Money on the MMI YouTube Channel.

 

Kim McGrigg is the former Manager of Community and Media Relations for MMI.

  • The Consumer Federation of America (CFA) is an association of nonprofit consumer organizations that was established in 1968 to advance the consumer interest through research, advocacy, and education. Today, nearly 300 of these groups participate in the federation and govern it through their representatives on the organization's Board of Directors.

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