Love and Money

According to Hallmark, Valentine’s Day is an opportunity to “share a little love with everyone.” 

And with February 14 around the corner, it seemed only apropos to share 3 popular action steps from my “Talking Money with Your Honey” workshop sessions. 

Remember, love and money are not just the sources of inspiration for decades of musicians. Love and money are everywhere - so it’s important to pay attention to the ways they can combine in your life.  

Step #1

Get financially naked with your partner

I learned this phrase from Erin Lowry, author of “Broke Millennial.” Admittedly it makes me laugh. It’s also a pointed reminder about how many people are in serious relationships and have never shared their salaries, debt obligations or financial goals. 

When you’re ready to talk finances with your partner, set yourself up for success by setting aside dedicated time for the conversation. No one likes to feel ambushed by questions, so be thoughtful and prepare for an open, honest and constructive dialogue. 

Step #2

Be clear about your approach to managing your money

When it comes to household and personal finances, do you have a team mentality or a more individual approach? There’s research and support both for and against having joint bank accounts. The most important thing is to figure out what will work for you.

However, when it comes to handling debt, a team approach is the way to go. Without a unified front facing liabilities, resentment and anxiety can creep into any relationship. 

Step #3

Share your vision

Regardless of how you split financial duties, bills or accounts – it’s important to collaborate on financial goals. By sharing your vision about the future as a couple, you can identify your mutual goals and develop an approach to achieve them together. Talking about shared future visions is about more than just money!

Let’s say you and your spouse start sharing your financial desires and dreams for the next couple of years…and then you realize….you were both picturing your family strolling about in Walt Disney World wearing matching mouse ears!  (Imagine the coincidence!)  Now you can hold each other accountable and encourage each other as you save up for those plane tickets, Magic Kingdom park passes, hotel rooms, brunches with Mickey, etc…

Openly discussing financial matters with your partner or loved ones can help you feel more aligned and more equipped for the future. 

Now, go forth and share the love!