Money is one of those topics that can turn a conversation heated quickly, even in a marriage. It’s ok to be concerned about your family finances, but fighting about money can put a huge strain on a relationship. The good news: talking about money doesn’t have to lead to an argument — read on for tips on how to manage financial stress and stop fighting about money.
Did you know that 70% of Americans reported feeling financially stressed? I’ll admit that as the “money person” in our family, I definitely feel stressed sometimes! Perhaps a more startling statistic: 21% of couples who rate their financial stress as “somewhat high” are arguing more.
You can’t avoid talking about money with your spouse; however, you can take steps to prevent money talks from turning into arguments. SunTrust created the OnUp Movement with the goal to inspire Americans to take control of their finances and feel more financially confident. The following 4 steps to stop fighting about money can help you and your spouse to work together to do just that!
4 Steps to Stop Fighting About Money
1- Set a Designated Time to Talk Finances — Make a date with your partner to sit down and have an honest discussion about your financial situation. Set a time and place where you’re mentally ready and there will be no distractions. That way you can be fully present and focused, so you’ll get real work done. Instead of waiting until late at night when the kids go to bed (and you’re exhausted!) consider getting a babysitter for a couple hours earlier in the day.
2- Have a game plan — You’ve got to have a starting point in order to know where you want to go and what you want to accomplish during your “money talk.” Be prepared with copies of bank and credit card statements, bills, etc. so you won’t have to waste precious time searching for these items when you’re trying to have a serious discussion. Taking the Mental Wealth Quiz at OnUp.com is a great way to figure out how you and your partner think about money and areas you might want to address, both individually and as a couple.
3- Take a “Team” Approach — Remember…you’re on the same team! Focus on how to best work together by identifying each other’s strengths and weaknesses. If you’re the organized one (like me), volunteer to keep track of due dates for bills. Maybe your partner is a math whiz and they can balance the checkbook.
4- Avoid Accusations — Blaming the other person is never productive and will only escalate an argument. If you feel that you’re the more financially responsible one, instead of putting down your partner for mistakes, think of ways to educate them and to encourage them to make sound decisions. Perhaps your parents set an amazing example for you growing up — share what you learned with your spouse so that he or she can be an active participant in your family finances!
For more tips on how to stamp out financial stress and get motivated to make positive changes, visit OnUp.com!
At SunTrust Bank their purpose is lighting the way to financial well-being. When you feel confident about your money, you can save for your goals and spend knowingly on what matters most to you.
The onUp movement was created to guide millions of people one step at a time towards a more financially confident life without ever losing sight of the moments that matter along the way.
Join the growing number of people transforming their stress into positive motivation to move onUp.
This is a sponsored conversation written by me on behalf of SunTrust. The opinions and text are all mine.
Looking for ways to save money without fighting? Check out my Money-Saving Checklist!