Reaching Financial Freedom as a couple is one of the best life goals you can share with your spouse. But knowing what to do and how to get there (while prioritizing your relationship) can be difficult. Which is why a lot of couples end up avoiding the topic of money altogether!
When you’re working toward financial goals as a couple, it’s not just about understanding finances and making better financial decisions. You have to learn how to do all of that, while also ensuring that both you and your partner share a vision for your future, are on the same page, and know what needs to be done to get to the finish line.
Not only will you need to improve your money management skills as individuals. Both you and your spouse will also need to become master communicators, empowered team mates and servant leaders.
With all of that being said – if you and your spouse have the goal of reaching Financial Freedom there are 5 things that you need to do in order to reach that goal!
TIMEMARKS:
- Learn to Budget Effectively 2:03
- Improve Communication 6:07
- Have Money Dates 8:05
- Have No Questions Asked Fun Money 9:52
- Throw Away the Scorecard 14:55
Reaching Financial Freedom is a great goal to share with your spouse. But knowing what to do and how to get there (while prioritizing your relationship) can be difficult. Which is why a lot of couples end up avoiding the topic of money altogether!
Working toward financial goals as a couple, doesn’t only mean understanding your finances and making better financial decisions. You have to learn how to do that, while also ensuring that both of you share a vision for your future, are on the same page, and act as a unit to get to the finish line together.
It’s more than improving your money management skills as individuals. Both you and your spouse need to increase your emotional intelligence while working to become master communicators, empowered team mates and servant leaders.
With all of that being said – if you and your spouse have the goal of reaching Financial Freedom there are 5 things that you need to do in order to reach that goal!
5 Things Couples Need to Reach Financial Freedom
- Learn to Budget Together, Effectively
- Improve Communication About Money
- Have Regular Money Dates
- Establish a No-Questions Asked Spending Limit
- Don’t Keep a Scorecard
Learn to Budget Together, Effectively
Budgeting is the epitome of basic money management and an essential first step for couples reaching Financial Freedom. While this sounds like the obvious statement of the year – we want you to consider the importance of both you and your spouse knowing how to budget effectively. As well as having a dialed system that makes managing money and making financial decisions easy for the both of you!
If you’re managing money as a couple, but only one of you does the budgeting there will be significant challenges. It can be nearly impossible to hit milestones and reach goals when your spouse isn’t part of the budgeting process.
So learn to budget together! Consider the Cash Flow Freedom Framework where we’ve created easy to use tools that take the guesswork out of budgeting while streamlining your money management. With step-by-step lessons walking you through how to budget, manage your cash flow and track net worth, you will be able to work together more effectively than ever before.
Improve Your Communication About Money
When you’re married, improving communication is something you will always be working on. Improved communication skills will help you manage money as a couple and improve your overall relationship satisfaction.
In fact, to create a financial strategy with your spouse that both of you are excited about and understand what actions to take – it is imperative that you work toward improving your overall communication.
But talking about money isn’t exactly the easiest thing to discuss. Despite what we want to think, money is an emotional topic. It can bring out the worst in us. Issues surrounding money can actually be a trigger for some of our deepest fears or biggest insecurities. So learning how to talk about money without it getting awkward or the conversation turning into a fight, is a skill you need to learn.
Have Regular Money Dates
One way to start improving your communication skills around money is scheduling regular “Money Dates”. These dates help you practice getting comfortable discussing financial issues together.
These Money Dates are an opportunity to discuss what’s going on with each other and your finances. It’s an opportunity to check-in on how things are going and if any changes to your plan need to be made.
While these may sound optional, Money Dates are critical to your success. Without regularly sitting down and discussing your finances, how would you reach a big goal like Financial Freedom? To accomplish a goal like that takes intentional action and focused effort from the both of you!
But don’t just focus on the budget and numbers. When you sit down for your Money Date it is important to also check in on your progress toward your goals or address any obstacles getting in your way. This is an opportunity to connect and support each other as you design your life together.
Establish a No-Questions Asked Spending Limit
Every couple’s budget should include a No-Questions Asked Spending Limit! Period.
Many people are resistant to budgeting together and combining finances. There are a lot of reasons for this, but for many it can be a fear of being controlled and losing independence. For some, this fear is based on fact and that is unfortunate. But if you are in a healthy, trusting relationship there are steps you can take to streamline your finances and manage them together. While also customizing it so it doesn’t feel as though you have to check in whenever you want to make a purchase.
By setting a “No Questions Asked Spending Limit” you’re able to benefit from combining your finances and working together. While also being able to maintain your independence within the boundaries of your spending limit.
So make sure to discuss how much each of you can spend every month without having to check in with each other.
Don’t Keep a Scorecard
Keeping a scorecard is one of the fastest ways to turn your greatest ally into your enemy. Nickeling and diming your partner about how they manage money, leads to bitterness, resentment, and many other avoidable problems. But while it’s not a surprise that pointing fingers is not productive, a lot of people still do it.
Which is why, when it comes to your no questions spending limit and tracking expenses for the month, it’s important not to keep a scorecard. Instead respect the agreement and your partner by being transparent, but not keeping tabs on your spouse. Strategies like this help couples pursuing Financial Freedom ensure they are putting their relationship first!
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If you take all of these steps you will have laid the groundwork for reaching financial Freedom as a couple!
But without these skills and practicing these principles you will struggle to get on the same page and work together to see the progress you want to see as you try to build wealth.
MORE WAYS TO IMPROVE YOUR FINANCES!
Break the paycheck to paycheck cycle and start paying off debt fast! If you want the best money management tools around – check out the Cash Flow Freedom Framework!
Get exclusive access to the new and improved versions of the same spreadsheets we used to pay off $45,000+ in debt and reach Financial Freedom! Plus, learn from our years guiding couples to do similarly! Learn to have an abundant money mindset, and get step-by-step videos that walk you through how to use the tools. Then watch your progress over time with our Net Wealth Tracker!
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This blog is based on an episode of the radmoney podcast on the same topic. Catch up on recent episodes of the radmoney finance podcast and make sure you never miss an episode by subscribing on Spotify – Apple or wherever you listen to podcasts!
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