Welcome WTHR Viewers: 5 Financial Tips for You & Your Sweetheart

1) TALK. The King of Free often quips that the death of communication is the birth of resentment. You cannot over communicate when it comes to your finances. That being said, you need to choose conversations wisely. It’s not a good idea to begin a conversation about money or finances in the middle of a fight. Instead, choose a tip when you can both quietly and calmly discuss things. Eliminate distractions by powering down your iPad, phone, and even the television. Be sure that the kids are tucked into bed and even your friendly pets are well occupied. And come to the table with an open and honest dialogue, not a long list of wrongs you’re wanting fixed. Realize you’re on the same team, that you love each other, and you both want financial success for your household.

2) COLLECT YOUR RECEIPTS. If you’ve never set a budget for your household before, it’s a great idea to spend naturally & collect every receipt for 30 days. Put them in a big envelope and then at the end of the time period, review the receipts together. Put your judgey pants aside, and get an honest gauge of home much you both spend and on what. It’s important not to spend like Ebeneezer Scrooge or a Real Housewife during this time period. They’ll be time for savings strategies later on but this exercise is a good beginning to handling your money well as a couple.

3) SET A LIMIT. We have a dollar figure agreed upon together that we don’t spend unless we consult one another. I’m not talking about every single grocery item on the checkout belt. I’m talking about non-budgeted, irregular expenses. So if we find a great deal or realize a need, we run those decisions by each other to agree upon the purchase mutually. It eliminates the passive aggressive “Well why did you buy that?!” feelings we once had with each other. And more times than not, we both are on the same page for the purchase.

4) GROCERY SHOP TOGETHER. If you can, take at least 1 or 2 grocery shopping trips together before setting the budget for grocery shopping. It can be a fun date but more importantly it helps you both realize that exactly how much the food you are eating costs. That way you can set a realistic dollar figure you can both own for food expenses. People get off track financially more frequently in feeding their face than any other area. You need a team effort to make things work.

5) ESTABLISH AN “I LOVE YOU” FOLDER. What would happen if your spouse suddenly passed away? Would you know what bills are paid when? Would you know the passwords for online banking? What about life insurance? Where is your will kept? This is one of the many reasons why you need to communicate often about your finances. You both need to know how much money is coming, how much is going out, and where specifically it’s going. Creating a folder or box either virtually or physically where all of this information is kept, is key in marital financial success. If you’re not a numbers person, you CANNOT run, hide, or cover your eyes. You must be an active part of the process. On the flipside, you do your spouse no favors by doing all of the financial heavy lifting by yourself. If you were gone tomorrow, would they even know the essential information to keep your household running?

We might think that hearts and flowers mean true love, but I’d like to think that a black bottom line is much sexier than a red one. This Valentine’s Day, begin a journey of showing your sweetheart how much you care by talking dollars and cents.

Don’t forget to check out last week’s Valentine’s Day on the Cheap money savings tips, too!