Have You Met the Money Cupid?

by Jennifer Hemphill, Guest Contributor

Wait you haven’t heard of the Money Cupid?  No, he doesn’t go around shooting arrows at you and all of a sudden money appears.  We agree that it would be pretty awesome if that did happen, but it sounds a little to good to be true, right? What the Money Cupid does is help you strengthen your relationship and guard against the dangers of divorce.

Money is one of the top causes of divorce today. The Money Cupid wants to change those statistics, but he can’t do it alone, he needs you! Bottom line, the Money Cupid will help bring more love in your relationship all while you are bettering your personal finances with your partner. Not too shabby!

So how do you bring in the Money Cupid more often into your life?  Just check off as you implement the following to your relationship:

Understand Your Relationship with Money

Have an understanding of how each grew up hearing about money and help each other change the money mindset:  Mindset is such a huge part of your personal finances, but few take the time to consider this area when trying to better their personal finances.  Long story short, our money mindset is shaped by how we were raised and ultimately determines whether we’re spenders or savers.  When you have a spender and a saver, or a saver and a saver, or <gasp> a spender and a spender in a relationship, the money dynamics can really make for an interesting challenge when it comes to talking money.

 Keep Communication Open About Household Finances

Both parties need to be involved in the household finances:  One of you being in charge of bills is perfectly fine, but both of you need to know the financial goals, and what is going on with the money.  This way both parties can appreciate what goes on month-to-month with the money and are less inclined to spend money unnecessarily.

Try a Family Finance Meeting.  Just like some families have family meetings, there should be a designated time to talk about your finances.  You could incorporate this to your family meetings if you already have one.  It is great for your children to have some involvement and imagine the teachable moments here!  Just be sure to put money on the agenda, where you would discuss the family’s financial goals, where you are at and what needs to be done to make it happen.

 Include Date Nights In Your Budget

Include date nights in your budget:  Couple time is so important and you should budget money out for this (think of it as a monthly bill you have to pay).  It doesn’t have to be a lot but enough to cover babysitting (if needed) and of course the cost of your date nights.  This gives you the much needed time as a couple and all that is required here is to enjoy the time together!

Allow for NQA Spending

No Questions Asked Spending is a great way to remove money-related stress in a relationship where partners have different spending habits.  It also puts stress on the relationship when one asks the other why they spent that money and offers their 2 cents as to why they should have spent less.  You can avoid this argument by determining an agreed upon amount of spending money that each party can spend without any questions being asked about how or why the money was spent.

 

Do you already do some of these?  Do you have tips you’d like to share?  I’d love to hear your comments.

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