Building a Healthy Relationship with Money
31 January 2020
Money plays a role in almost every aspect of life — including our relationships. In 2019, 32% of employees stated that financial stress impacts their relationships at home.1 This, coupled with ups and downs of day-to-day life, can often be a lot for a relationship to withstand. Ultimately, this can lead to an emotional conversation about finances that leaves both individuals stressed and uncertain of their future.
At In Good Company, we believe that open and honest conversations can have a big impact on how an individual (or in this case, a couple) thinks about money. Having these conversations regularly can not only lead to a less financially stressed relationship, they can also help build stronger connections between partners.
Money Date 101
Monthly money dates are a great way for couples to update their personal values, goals and finances. They’re also an opportunity to review spending plans and gain an overall status check. Money dates don’t have to consist rifling through a stack of bills at a kitchen table for hours, and they shouldn’t be as stressful as you think. Make them fun.
Take Jack and Mary for example. They have a clearer view of each other’s financial goals and values thanks to regular money dates. Through this process, they discover how to save their money as well as enjoy simple things. Discover how they had fun while tackling one of a relationship’s biggest anxieties:
Jack and Mary like to start their money date with a walk around the neighborhood. During their stroll they brainstorm ways to improve their financial wellness while admiring houses in the area.
Dinner at a restaurant in the city is the perfect way to briefly get away and gain perspective. They each talk about their financial goals (both as an individual and as a couple) and discuss how they have evolved since their last money date. Macro conversations about their future are a refreshing break from the daily grind.
They grab ice cream from the local shop while planning future vacations and other splurges. Choosing how to spend discretionary income is fun. It’s rewarding to plan indulgences after working hard for their money — and what better way than with a sweet treat!
Listening to their favorite radio station while sitting on the couch is how they work best on their spending plan. At the beginning of the year they created a simple spreadsheet to track things they are saving up for. Now, they strategize how to lower their monthly expenses while taking better advantage of their work benefits like FSAs, 401(k)s, and other tax-advantaged accounts.
Scheduling for the Future
Jack and Mary’s money dates shouldn’t end after only one or two. Money dates are something that can be scheduled out in advance so that they can hold each other accountable and improve their financial well-being. Planning is key to transforming one of a relationship’s biggest challenges into one of its greatest strengths. Having a clear plan has helped Jack and Mary not only save for their future, but also allowed them to enjoy the simple things while improving their financial well-being.
From investing to retirement, In Good Company has created a series of immersive workshops that focus on the key components of building a better financial future. Our financial professionals lead the way with your employees’ needs in mind. It’s time to invest in your employees’ financial well-being. Get in touch with us today.
1 "Employee Financial Wellness Survey 2019 Results.” PwC, June 2019, pg 19, www.pwc.com/us/en/private-company-services/publications/assets/pwc-2019-employee-wellness-survey.pdf