Often I get asked what is the biggest thing married couples need to do to get ahead financially. The answer is quite simply, get on the same page! However, getting on the same page can be quite challenging, especially if you have never had a plan before.
Being on the same page is so important because it is almost impossible to succeed financially if one spouse is trying to do it alone. The intention to do well with money will not work if one spouse is doing their own thing on the side.
Therefore you and your spouse need to get on board with each other and devise a plan that you both agree with and stick to. That does not mean, though, that you should divide everything evenly in terms of duties. If one of you enjoys paying the bills and balancing the checkbook at the end of the month that is fine, but you both have a vote and a voice when preparing the monthly budget.
Getting on the same page will pay massive dividends for your financial future. First, it will improve your communication. Communication in marriage when it comes to finances is an either-or kind of thing. Either you are really good at it, or you are really bad at it. Communication about your finances will allow you to be able to communicate about other areas in your marriage. Next, it will allow you and your spouse’s future goals to align. Together you will be able to plan for the future in terms of retirement, moving into a new home, and travel. By having a vision, you can better work towards achieving your future goals. Finally, being on the same page sets a great example for your children as they will be the beneficiaries of your increased communication and wealth building. Doing so will help build a foundation of financial success for you and your family for generations to come!
If you and your spouse need help getting on board together with your finances, please see the services we offer or contact us today to set up a free 30 minute consultation to see how JW’s Financial Coaching can help!