Regular Money Talks: Keep Your Finances in Check

Most people grew up with the idea that money is a topic that they should not talk about. And although you may be reluctant to talk about money with friends or family, it must be an integral part of any serious relationship. Money talks and regular budget meetings are the way you and…

Most people grew up with the idea that money is a topic that they should not talk about. And although you may be reluctant to talk about money with friends or family, it must be an integral part of any serious relationship. Money talks and regular budget meetings are the way you and your significant other check your financial situation.

However, many people have no idea about the financial situation of their family, which is incredibly disturbing.

According to a survey by Fidelity, 43% of respondents do not know how much their partner earns, and 36% do not know how much they have invested.

There are even financial horror stories in which one spouse is in debt for hundreds of thousands of dollars, while the other spouse has no idea that debts exist at all. Or one partner believes that the family is financially healthy, while the reality is just the opposite.

I can’t tell you how many times someone has told me that they have no idea what their mortgage or rent is, how much they have put into retirement, and whether they have debts or not. This kind of thing goes on and on.

Even more surprising is that many of these people can’t even give me a rough estimate! There are even times when one partner guesses, and the other rings how wrong you are.

Unfortunately, this is surprisingly common.

Just because it’s common doesn’t mean it’s a good thing. Ignoring your financial situation can be devastating for your financial stability.

If you do not have regular meetings about money, you may have more debts, you are not prepared for retirement and much more. I know they can be difficult, but the sooner you start talking to your partner about your finances, the easier it will be for you to get on the same page.

Here are my top tips for successful money talks and family budget meetings.

Realize why you need to talk about money and budget meetings.

A family that regularly holds money talks and budget meetings is more likely to be financially successful than a family that does not. And financial security can actually ease the stress, which means you can focus your energy on other important aspects of your family. In addition, regular conversations about money can add a greater sense of partnership to your relationship.

Here are some more reasons why you should be aware of your financial situation at regular money and budget meetings:

You can work together and be successful. Together, you can tackle your financial situation and you are much more likely to achieve a positive result if you both make efforts to achieve your goals.

A lack of money communication can lead to financial infidelity. According to a Forbes article, 20% of Americans have financial secrets and 7% of 18-49 year olds have a secret bank account or credit card that they keep from their partner.

Knowing your financial situation, you can stick to a budget. By becoming aware of everyone’s income and cost of living and setting savings goals, you can create and maintain a budget that works for you. You will know how to spend money as a family, regardless of whether you live from paycheck to paycheck or not, and much more.

Being mindful can prevent everything from falling on one person. Both partners need to be aware of their overall financial situation, since it is not fair for one person to do all this. In addition, if one of you does not know what is going on with your finances, you would wake up rudely if something happened to the person doing it.

Being involved can help you achieve your family’s goals. It would be quite difficult for a person to work towards the financial goals of his family if he was not aware of his financial situation. Being involved can help you stay motivated and be aware of what’s going on.

Regular discussions about money can lead to fewer action. If you are open to money in your relationship, you are less likely to experience financial surprises and money quarrels. You will both know what happens at regular money discussions and budget meetings, which means that there will be no surprises. In addition, if you regularly talk about money, it is important that you are ready to work together. If you disagree with something your partner is doing, be calm and open to conversation.