From disciplining children to deciding which in-law to spend Christmas with, couples deal with a variety of challenges throughout their relationship. Add financial problems to the list and it’s easy to see why the stress of money can cause marital problems.
And unfortunately, what works for one couple may not work for another. So reading blogs about financial planning or copying what parents or friends do can lead to more complications and confusion.
Our goal at MPower Co is to make finances one less of a hurdle you must jump over in order to have a happy and healthy marriage. Here’s why financial planning as a couple is important and where you can start if you’re at the point in your relationship to do so.
Why Financial Planning Is Important In Marriage
Finances are the leading cause of strain in relationships. So financial planning is obviously important for couples who want to stay together through the long haul.
But it’s more than that. When time is taken to truly figure out what a financial plan looks like during marriage, it can not only help create a happy marriage, it also helps you design a life you want to live.
Here are a few ways couples use financial planning:
- Plan when to have children
- Save for a house payment
- Pay off student loans
- Check off bucket list items (like traveling)
If these are all things that are important to you and your future, it’s easy to see why having a financial plan is important to your marriage. The question now is: how do you do it?
How Do Married Couples Handle Finances?
Most of us aren’t taught how to handle finances in school, so when we hit adulthood and are forced to make rapid-fire financial decisions like how many student loans to take out and what kind of car to buy, we can easily make small mistakes or missteps.
And then in marriage, where you throw another person into the mix who has an equally complicated financial situation and their own unique ways of financial planning, it can feel virtually impossible to create an overarching plan for financial success.
Ultimately, there are two main ways couples can handle finances: talk it out or seek financial help. Neither option is right or wrong in general, but there are reasons why one or the other may be wrong for your specific situation or relationship.
Let’s discuss these two options in more detail.
Talk it out
Money is an awkward topic. Talking about past financial missteps can be uncomfortable. Discussing where you want to be 10 years from now may seem overwhelming. But talking about money in a relationship is absolutely crucial.
In order to find financial success as a couple, it’s important that you partner together to map out your financial goals and personal dreams in order to create a blueprint for the life you want to live.
Talking it out and creating a plan together is a great option for couples where at least one person has a pretty solid understanding of finances and how to prepare for the future.
Seek professional support
For couples who aren’t sure where to begin, it can be helpful to find outside support like with a financial coach or a financial planning course.
Coaching and financial courses can help give you a foundation for which you can grow your financial future. From making sure you use the right vocabulary and resources to instilling confidence in your choices, having an outside perspective often provides much-needed clarity and can kick-start a conversation that may feel otherwise impossible to have.
Whether you’re a seasoned financial veteran or just starting to learn about financial planning, pretty much any couple can benefit from professional support in some capacity.
MPowered Couple: Online Financial Education Course for Couples
We offer a course called Mpowered Couple: Partnering to Financial Security designed for couples who want to build a strong foundation for their relationship. Our instructor Lea created this course after seeing firsthand how finances play an integral part in many types of relationships, not just couples.
Over the course of five units, which include four lessons and a fun interactive date-night activity, this financial planning course helps couples learn the main principles of personal finance in order to better understand their personal financial situation and how to build a financial team together.
The best part about this course is that it’s flexible. With five units, you can choose if you want to take each one week by week, spread it out over the course of a few months, or speed your way through it when you have extra downtime. It can be tailored to fit your specific needs and situation with ease.
Planning finances as a couple doesn’t have to be boring or complicated. We’re here to help make it fun and easy so you can get moving toward a better financial future with confidence. Learn more about our course today!