On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski and his wife Briana discuss the importance of having intentional conversations about money with your partner and how to do so.
Here are some key takeaways from their conversation:
- On average, couples argue about money 58 times per year. Having open, productive conversations about money can improve a couple's understanding of each other and their financial success.
- Establishing clear financial responsibilities and potentially delegating certain tasks can improve efficiency. For example, Briana oversees most of their day-to-day financial decisions, optimizing their credit card points and allocating money toward different accounts while Chris focuses on their investments and long-term goals.
- Couples should have regular, honest conversations about their money goals, priorities, and habits. Briana recommends having these conversations while on a walk or in the car because it can make these "serious" talks feel more approachable.
- While Chris and Briana were engaged, they tracked every penny they spent in a month. It was incredibly eye-opening and allowed them to recognize areas they could potentially cut back on.
- The word "budget" can feel too restrictive for many couples. Instead, try thinking of it as a "spending plan" - where you are aware of your expenses and adjust your spending to align with your goals.
- It is pivotal for couples to discuss creating an estate plan and having adequate insurance should anything happen to one of them.
- Even if one partner takes the lead in financial decisions, both should have a foundational understanding of investments and financial planning.
