54% of people believe a partner with debt is a reason to consider divorce!
Personal finance is hard; couple finance is harder.
I've been working with Jennifer Inman, the Kentucky Financial Empowerment Commission and NKU Haile College of Business on our Money and Marriage program. After all, money is a significant stressor in marriages, and creating a proactive plan helps prepare for any financial tensions. Let us normalize talking about money.
๐๐ฒ๐ฟ๐ฒ ๐ฎ๐ฟ๐ฒ ๐๐ผ๐บ๐ฒ ๐ผ๐ณ ๐บ๐ ๐ฝ๐ฒ๐ฟ๐๐ผ๐ป๐ฎ๐น ๐๐๐ฟ๐ฎ๐๐ฒ๐ด๐ถ๐ฒ๐ ๐ณ๐ผ๐ฟ ๐ฐ๐ผ๐๐ฝ๐น๐ฒ๐:
Schedule regular "life alignment" meetings to discuss finances, career moves, and personal aspirations. The frequency will depend on your familyโs needs. I prefer monthly meetings, but I know couples who prefer weekly check-ins. The key is creating a scheduled time dedicated to money talks.
Use tracking tools to maintain financial transparency. I've found it critical for my financial success to see all our finances in one place. Tracking our spending, investments, and, most importantly, household net worth gives us clarity on our financial progress. I use Quicken, but there are other apps out there.
Create shared plans that balance both partners' professional ambitions and lifestyle goals. When discussing money, career aspirations are an integral part of the conversation. This helps us plan for moves, educational expenses, and household responsibilities. It also means discussing whose career is a priority because it can change. In academia, this is referred to as the leading vs. trailing spouse.
Share your vision for life outside workโtravel dreams, family planning, hobbies, or personal growth. These aspirations shape our financial decisions and help us build a meaningful life together. How you spend your time outside work is as important as your career goals. Do not neglect them.
Celebrate wins togetherโwhether it's a promotion, starting a side business, or hitting savings targets. Acknowledging progress keeps us motivated and strengthens our partnership.
What strategies have helped you and your partner manage finances in your relationship?