As couples we talk about many different things…our kids, our health, our vacations, our work and on and on. There are two other subjects we talk about that we want to separate out for you. We talk about our finances AND our money — therefore we would argue that you have a Financial Arrangement with your spouse just as much as you have a Money Relationship with your spouse. So what’s the difference?
Financial Arrangement — all of the topics you discuss with your spouse around finances. Debt reduction, retirement planning, investment planning, insurance planning, tax planning and on and on.
Money Relationship — the day to day discussions you have where money is involved. Questions like, should we brew our coffee at home or indulge in a five dollar cup of Starbucks (some would argue that it is a necessity). Other examples would be, should we buy our school supplies at Target or Walmart, and should we buy our shoes at Nordstroms or Payless?
Financial Arrangements can be more black and white; a Money Relationship moves and grooves every day! As you navigate your discussions with your partner this week, notice how often you make decisions together and analyze how well you discuss the money component of those decisions. Ask yourself: “As for our Money Relationship, do we speak the same Love and Money Language?”
Make It Happen!
Scott and Bethany Palmer
The Money Couple
Money Huddle Tip: Answer the question: Do we speak the same Money Language?
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