This post is part of our week-long series on Creating Financial Transparency for Couples.
4. No dedicated time exists for talking about finances.
Jay and his wife haven’t been able to set up a routine time to talk about finances. I’m guessing that this results in a feeling of dread every time the subject comes up. Rather, we have a routine that allows us to talk regularly about finances. Every Saturday we check the joint account balance. We review the week’s bills together and then pay them. Him uses the computer to make online payments while I hand write the date and amount paid on each statement, then I file them. Next we review the remaining account balance and decide how much to allocate toward savings and weekly spending. We often disagree, but allow ourselves to be persuaded. We discuss upcoming expenses and use a dry erase board to note any upcoming financial issues. For the big picture issues, we call a “state of our union address.” These tend to be pretty long talks where we discuss finances and other relationship issues. We try to keep it gentle and loving. I recommend Jay and his wife try setting up a time to meet weekly and also a few times a year to talk neutrally about money.
Other posts in this series:
1. There are two different methods of documentation being used. (Monday)
2. There are unclear privacy boundaries. (Tuesday)
3. There are two different spending styles at odds. (Wednesday)
5. There’s no unified financial plan (Friday)