Adviser Shares Five Secrets To A Financially Happy Relationship
By Heather Hubbs, Reporter
CEDAR RAPIDS, Iowa -- Love is in the air this time of year.
But nothing can block Cupid's arrow like a fight over finances.
A study published last year by Kansas State University reported that arguments over money are the top predictor of divorce.
Mike Foley with Platinum Advisory Group has five secrets to having a financially happy and healthy relationship.
1) Find compromise: Recognize that you won't see eye to eye on everything, come up with a saving and spending plan that you are both comfortable with.
2) Pool your money: Foley says this eliminates fights over who will pay for what bills.
3) Stay honest: Don't hide or lie about your purchases.
4) Eliminate debt: Debt can lead to stress in a relationship, so before you think about big purchases, concentrate on paying off credit card debt and loans.
5) Create rituals: Pay the bills together at a set time each month, also budget for bi-weekly date nights or time together. This will help improve trust and communication, which makes talking about money easier. Foley says you should also schedule time at least twice a year to sit down and go over finances with your spouse.
"It's important to continue to communicate on a regular basis. Many times we get busy running a household, running kids around, it can be hard to come up with a conversation about finances when you want to talk about other things." Foley said.
Foley said you should treat the scheduled time like a businesses meeting. During the meeting, review your financial situation, go over investment statements, and come up with a household budget.
Following these steps is an investment in your relationship and may help ensure that the only red you're seeing on Valentine's Day is in the form of roses and hearts, not your bank account.
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