With Valentine’s Day right around the corner, I thought it would be fun to share with you a little tradition my wife and I share called a Money Date.
When it comes to couples and finances, I find that most operate their financial house under a method I call the “You do it, or I’ll do it, but lets never talk about it” method. That means one person is responsible for paying the bills and keeping the financial house in order.
The problem with this method of handling household finances is that it all too often leads to Money Fights and financial infidelity.
Money Fights happen because people tend to be emotional and reactive when it comes to money. They push off the money talk until it’s too late or when there’s a crisis. What’s worse is that when our children observe Money Fights and start associating money with pain.
Money Fights are completely avoidable. There is a better way. It’s called a Money Date.
When my wife and I married and merged our finances, we adopted the “You do it, or I’ll do it, but let’s never talk about it” method. It was a complete failure. It was a very inefficient use of time and put a lot of stress and responsibility on one partner. But then again, we were running a business.
Couples that schedule money dates tend to be more confident and happier with their finances.
It didn’t take us long to realise the traditional method of handling bills and finances was inefficient. By scheduling Money Dates, we realised we could make this fun and engaging. We could discuss more than just bills and taxes. We could dream. We could plan for things like vacations and romantic getaways. We could discuss some of our goals we set at the beginning of the year, and our progress towards funding them. And in doing so, many times we’d discover that we were already 100% funded.
If you’re someone who spends too much time and energy balancing your financial house alone; If you would like your partner to be more involved; If you feel left out and would like to be more involved in financial decisions, grab yourself your favourite cup of coffee or tea and watch the video.
Now I’d love to hear from you.
1. Have you ever had a Money Fight? Could you have avoided it with a Money Date?
2. Tell me about something that you learned from your first Money Date. How do you feel scheduling a Money Date regularly could impact your relationship and money?
3. Would feel more confident and happier in your love + money?
Remember, we are a community of people trying to create a remarkable life and business. Share as much detail as possible in your reply. We can all benefit from the wisdom you share. Making smart decisions with your money is a crucial skill to have. And having an open line of communications in your relationship and finances leads to a strong and lasting relationship.
I want to hear from you
Do you have a money question? If so you can drop it in the comments below or ask me privately. If it’s good enough, I’ll answer it and mention you on my next Q&A Tuesday on TommyTV.