A recent SmartMoney Magazine survey revealed that 70 percent of all couples talk about money at least once a week. And the expectation of divorce for new couples hovers around 50 percent in a variety of studies. They all suggest that money is the most divisive topic of conversation for couples.

Having an effective communication on an overall vision and money plan will keep couples moving in the same direction. Once that’s achieved, the small everyday decisions about what to spend money on takes care of itself with little or no effort.

Money, like sex is still a taboo topic and we often don’t have a clear idea about how our partner thinks or feels about money. It’s about making a plan, and sticking to it together. Information gives you power over your finances. Not talking about them effectively, not making a plan and not coordinating as a team makes you a victim of your finances. If you control your finances, they will never control you or your marriage.

Try the following steps to help ease the cap.

Photo: Ginny Grimsley

1.  Find Balance

Balance power around money. One person making all the decisions and having all the control is a recipe for disaster. Find ways for you both to be equally engaged in all money decisions.

2.  Make Decisions

Decide together early on what belongs to who and what is owned jointly. Most couples have their own hybrid system for what works best. Find the one that is best for both of you.

3.  Define Your System

Have a clearly defined money management system from who handles the mail to who sends out the checks and who opens the bank statements. Without a well thought-out operational plan, things fall through the cracks.

4.  Address Problems

When things get tough, address problems immediately (no secrets allowed). Avoiding the issues only makes it more toxic and drives a wedge in the relationship.

5.  Perform Checkups

Schedule an annual money checkup with each other. Things change and just like our physical health, money management needs an annual checkup to keep it healthy and relevant.

6.  Talk a Little More

Talk, talk and talk some more. The most important thing is to have open communication with no blame and shame. We all have hang-ups around money. Treat your partner with compassion.

CelebrateYOU | BY: Jane Honeck | CelebrateYOU Magazine

About the Author

Jane Honeck, CPA, is a money coach who specializes in tax and financial planning for professionals, small businesses and individuals. She is also a Certified Empowerment Trainer and has developed Cent$ible Living financial workshops and money coaching sessions to help her clients make meaningful and lasting change in their financial lives. Visit her at www.theproblemwithmoney.com

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