HOUSTON – Studies show that nearly 31% of all couples clash over their finances at least once per month.Â
Trevor Shakiba, private wealth advisor with Ameriprise Financial, shares his top financial tips when it comes to handling money as a couple.Â
For all the viewers that are starting to think about marriage or in that type of relationship, bring everything to the table from the beginning. You don't want to have surprises. -Trevor Shakiba
6 Financial Tips For Married Couples:
- Get on the same page
- It is not a competition against each other
- Expectations are key in everything especially finances
- Always set your financial priorities and goals together
- Compromise from both sides
- Handle debt as a couple
- Make a plan together
- Don’t draw a line in the sand and say it’s your problem
- Support and encouragement go a long way
- Track how you are spending money
- Also known as a budget
- This isn’t the time to point fingers
- If you don’t know where your money is going it is next to impossible to achieve your financial goals
- Separate Account, Joint Account or Both?
- Maybe the most important financial decision for couples
- Figure out what works
- A lot of times having money that you can spend however you want is the way to go
- Don’t keep financial secrets
- Disclose everything right out of the gate
- Bad investment or purchase? Come clean ASAP
- Discuss finances together on a regular basis
- Have a check-in once a quarter
- Track your goals
- Celebrate the wins