How to Work as a Team When You’re Financial Opposites
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Most couples marry their financial opposite, which can be a blessing or a recipe for disaster. Learn how you two can become a team and create a budget and money system you both love!
Marrying Your Financial Opposite
Did you know that 75% of divorced couples cite money as the cause of their marital issues?
With something causing that big of any issue, you'd think we'd try to become more proactive with making sure that finances
But for many couples, the conversations don't happen.
There’s a tendency in a lot of marriages to not talk about money until something goes wrong.
The budget is broken or you're struggling to hit a goal you made for the year.
One reason couples don’t talk about money is that they’re trying to avoid a fight.
Maybe they've had a blow-up in the past about certain spending and they rather not hash that out again.
Perhaps they couldn't come to an agreement on something that should be simple like the budget.
This can especially be the case when you’re financial opposites.
However just because you're financial opposites don't mean you can't work as a team with your money. In fact, for some couples, their differences became an advantage as they tackle goals like dumping debt, saving up for a house or investing in their future.
How do you get there though? How do you mesh those differences into strengths?
Scott and Bethany Palmer, The Money Couple are on the podcast today to chat about how to get started with talking about and working through your financial issues and goals.
They were financial advisors and noticed how their married clients were struggling with money. They've been focused since on helping spouses work with their different approaches to finances and become a team.
In this episode we'll get into:
- how money differences show up in our daily lives
- understanding and respecting one another's different perspectives
- how to approach money talks so that they're productive
Hope you enjoy!
Resources to Help You Merge Your Finances
If you’re looking to get better with your finances together, here are some helpful posts to check out:
- Best Budget and Money Apps: Personal Capital, Tiller, Mint <- Absolutely crucial you two have a way to track your money together
- Grow Your Stash Faster: High Yield Savings with CiT Bank
- Jumpstart Your Marriage and Your Money
- How to Talk About Money Without Starting a Fight
- How to Diffuse Money Fights
Thank You to Our Sponsor Coastal!
Support for this podcast comes from Coastal Credit Union. If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today!
We’ve been Coastal members for a few years have been happy with their services.
They also have competitive rates on their checking and savings accounts!
Meet Scott and Bethany Palmer
With 50 years of combined experience as financial advisors, Scott & Bethany Palmer (aka “The Money Couple”) have witnessed these conflicts firsthand.
After watching so many couples struggle over money, Scott & Bethany set out to find out why. After a decade of research with a Stanford scientist, they cracked the code to stop the money issues that so often lead to divorce.
They discovered that money “issues” aren’t really about dollars and cents — the real problem is a couple’s struggle to communicate about and agree on money.
They developed The 5 Money Personalities to help couples understand their own unique perspectives and behaviors when it comes to money, learn more about their partner’s money personalities, and better communicate in a way that builds rich relationships
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Thank you so much for listening to the podcast!
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Like the music in this episode? Our theme song is by Gentle Regime. Additional music by Lee Rosevere.