When Sara lost her husband, she quickly learned there is no handbook for those who have lost a partner and suddenly find themselves raising children on their own. She created TheWidow.net to support her fellow widows and widowers.
While couples with children tend to argue about money for a variety of reasons, there are several things you and your partner can do to alleviate financial tension, reduce stress, strengthen your relationship, and build a stronger financial future for your family. Arguing isn’t necessarily a bad thing but creating a good financial plan will help you and your partner to address your money concerns in a more productive way. For some simple tips that will help you and your partner to build a healthy financial plan for the future, read on!
Create a budget
Next, use an interactive home cost calculator to determine whether the cost of your home fits within your family budget. If it doesn’t, it may be time to downsize into something more affordable and manageable.
Develop a financial plan
Share the burden
● Bank account numbers and how to access them.
● Online account numbers, usernames, passwords, and answers to security questions.
● Monthly bills, due dates, and payment methods.
● Where legal documents are stored.
If only one partner has access to this important information, schedule a time to sit down and share these details with one another. Then, store this information in a secure location (such as a locked file cabinet)—but remember to make updates to these records as changes occur.
Teach your children to save
As you can see, communication is key to building and maintaining a healthy relationship with your family—especially when it comes to money. By communicating and addressing your financial worries and creating a plan for the future, you’ll strengthen your relationship with your spouse or domestic partner, build a happier household, tackle debt, and save more money over time—all while setting a great example for your children.
If you haven’t already read the book, it’s a great place to start - Relationship Reboot: Break free from the bad habits in your relationship.
David B. Younger, Ph.D. is the creator of Love After Kids, for couples that have grown apart since having children. He is a clinical psychologist and couples therapist with a web-based private practice and lives in Austin, Texas with his wife, 15-year-old son, 6-year-old daughter and 7-year-old toy poodle.