Click here for my most recent WFMY News 2 interview about couples and their money.
Couples can argue about anything and everything, but money is a popular fight topic. Certified financial planner Matt Logan breaks down how and when couples fight about money most.
Couples between the ages of 35 and 44 are have an 80% chance to argue about money. So to all you viewers who think that you and your spouse are the only ones who fight about money, I have good news. You are not alone. Let’s look a little closer at some of the studies and some solutions to help you and your spouse add more order to your home and financial life.
Is There A Disconnect?
The survey dug a little deeper asking couples who was the primary decision maker on investments. The interesting thing here is that 63% of men say that they were the primary decision maker on investments while only 21% of women felt that way. Guys, maybe your wife is just letting you think that way to build you up or maybe you need to have a conversation with your wife about how she would like things to be when it comes to investment decisions.
Are You Hiding Something?
I found this very interesting. My wife and I have shared accounts and can see each others purchases and spending. Many couples have joint accounts but also many couples keep separate accounts. This survey gauged same sex couples vs heterosexual couples. It shows that many more same sex couples share at least some accounts. Heterosexual couples are the highest for sharing no accounts with over 54%. Among same sex couples, only 37% of those surveyed kept their accounts completely separate.
You Spent What On What?
Every couple has the situation where one buys an item that the other says is frivolous. It is natural. This shows what money issues tend to fight about. The top 5 are listed. Not all the way surprisingly, frivolous purchases are number one with 46% of couples saying the reason that they have discord about money. If you want to curb that and stay on your spouse’s good side, the easy solution is to not purchase anything. (I say that in jest, knowing it is unreasonable advice)
So How Do You Bring Order To Finances In Your Relationship?
You will be happy to hear that the answer here is not a budget. The answer is communication. While you have certain ideas about money, it is likely that your spouse may have a different set of ideas. One may be very tight with their finances and the other very loose. Some of this comes from upbringing and some of it comes from your personality. The best way to overcome your financial differences is to communicate regularly. My wife and I have a meeting every Sunday night and discuss among other things the budget. She manages our personal budget and lets me know where we stand and any unexpected financial pressures that may arise. I manage our investments and the business budget and update her on those as well. While this solution does not solve all financial disagreements, the regular scheduled communication has led us to better understand each other and work together to achieve long term financial goals.
Matt Logan Inc is an independent firm with Securities offered through Summit Brokerage Services, Inc., Member FINRA, SIPC. Advisory services offered through Summit Financial Group Inc., a Registered Investment Advisor. Summit Brokerage Services, Inc., its affiliates and Matt Logan Inc. do not give tax or legal advice. You should consult an experienced professional regarding the tax consequences of a specific transaction. These are the views of Matt Logan Inc, and not necessarily those of Summit Brokerage Services, Inc. and any of its affiliates and should not be construed as investment advice.
Copyright 2016 WFMY