#089: Let’s Talk Money Honey! How to Talk about Money

Money matters can be challenging terrain for many couples, often leading to heated arguments and unnecessary stress. Research consistently highlights the prevalence of issues arising from a lack of open communication about finances. How were you raised to approach the subject of money? Was it a common topic or a conversational taboo?

Join TalkDoc, Meredith, and Teighlor as they unravel the complexities of financial discussions within relationships. In this episode, we explore the roots of financial communication education – or lack thereof – and its impact on current relationship dynamics.

Discover the power of proactive stress management versus reactive stress when it comes to discussing finances. Listen to strategies for navigating these inevitable stress points, emphasizing the importance of addressing money matters outside the heat of a crisis. Tune in as we guide you through healthy ways to approach, articulate, and time your discussions about money with your partner. From strategies on staying informed and educated to incorporating productive language, we've got you covered.

Ever thought about scheduling "money check-ins"? We explore this innovative approach as a pathway to fostering consistent and constructive communication about finances in your relationship. Don't let money be a stumbling block; turn it into a catalyst for deeper connection and understanding.

Music by epidemic sound.

SHOW NOTES:

Resources :  marriage.com

Top ten reasons for divorce from marriage.com

https://www.marriage.com/advice/divorce/10-most-common-reasons-for-divorce/

 

Statistics on arguing about money:

https://www.marketwatch.com/story/this-common-behavior-is-the-no-1-predictor-of-whether-youll-get-divorced-2018-01-10

 

Lack of Money Communication before marriage:

https://www.prnewswire.com/news-releases/get-engaged-over-the-holiday-its-time-to-set-a-dateto-talk-about-money-300773761.html

Tools : 

Tips from WhiteBoard Finance (Youtube):

https://www.youtube.com/watch?v=y4_CdtkcCxM

1. Be honest / transparent (go over you assess and liabilities 401k vs student loans)
2. Goals (shared not individual) 1. saving /emergencies 2. Travel 3. Taxes 4. House 5. Car 6. Insurance 
3. Separate or joint (studies suggest joint = happier longer marriages) Hybrid put in same percent of income into shared expenses 
4. Budget together 
   1. recurring expenses
   2. No need to split 50/50. Maybe higher earner takes on bigger cost mortgage vs bills
   3. Max out tax advantages (401k) first 
5. Regular Reviews (should meet regularly to go over goals, revisit shared goals and new goals) 
   1. Monthly 
   2. Quarterly 
   3. Annually 

TC4G (TRADING COMFORT FOR GROWTH) : Schedule and Have Regular Conversations about Money!

Links :

Episode 80 - Red Flags in Relationships and Dating!

https://pod.link/afafwithtalkdoc/episode/04fba5aa22def91904d762e99f13460b