Advice From an Expert Marriage Counsellor On Achieving Financial Harmony
The great plunge of the global economy has come with many side effects including strained and stressed relationships. The expert marriage counsellor at Holistic Living has seen a steep rise in cases where couples have fought endlessly over money and deteriorating financial stability.
The expert marriage counsellor says, “Money matters. Ideally, relationships thrive on love and understanding but in reality, the picture is completely different. Especially in times like these when unemployment has increased, expenses are piling up, education feels have skyrocketed and buying basic groceries is burning a hole in our pockets. The financial stress will naturally reflect in relationships as well. Hence, it is extremely, I will repeat, extremely important for couples to manage their finances and achieve financial harmony”
But… how do you exactly do that? Don’t worry! We have done all the tedious research so you don’t have to. So let’s dive right into how couples can achieve financial harmony and save their relationship from the Great Depression.
Financial harmony is like music to a relationship’s ears, describes an expert marriage counsellor. Based on her 20 years of expertise and more than a thousand success cases, she carefully curated a step-by-step guide to conducting a symphony of financial success together:
Step 1: Open Communication Channels
Open, honest communication is the foundation of financial harmony. Set aside dedicated time to discuss finances, goals, and concerns. Create a safe space where both partners feel comfortable sharing their financial experiences and aspirations.
The expert marriage counsellor suggests pre-marital counselling for young couples as it helps the partners to discuss their opinions and views more openly and find a common ground that benefits both of them as well as the relationship as a whole.
Step 2: Define Financial Goals
Discuss short-term and long-term financial goals as a couple. Whether it’s buying a home, travelling, or saving for retirement, having shared objectives strengthens your financial teamwork. Break these goals down into actionable steps.
The expert marriage counsellor adds, “While defining financial goals keep in mind that your partner may have expectations and desires different from yours. The key is active listening, understanding and acceptance. You cannot force your opinions on your partner”
Step 3: Assess Current Financial Situation
Take stock of your current financial standing. List all sources of income, monthly expenses, debts, and assets. This snapshot will serve as a starting point for planning your financial future together.
Step 4: Create a Joint Budget
Work together to create a realistic budget that aligns with your financial goals. Allocate funds for essentials, savings, and discretionary spending. Be flexible and revisit the budget regularly to make adjustments as needed. The expert marriage counsellor advices couples to open a joint bank account in addition to individual accounts.
“Some couples prefer keeping their finances a secret. I understand that. But keeping an additional joint account for expenses, savings and investments can be really helpful” points expert marriage counsellor.
Step 5: Designate Responsibilities
Divide financial responsibilities based on each partner’s strengths and preferences. One may handle bill payments, while the other manages investments. Establishing clear roles reduces misunderstandings and ensures that both are actively involved in financial decisions.
Step 6: Emergency Fund Building
Prioritize building an emergency fund. Aim for at least three to six months’ worth of living expenses. Having a financial safety net provides peace of mind and helps navigate unexpected expenses without derailing your financial plans.
Step 8: Set Spending Limits
Establish spending limits for discretionary expenses. Agree on a threshold for individual purchases that require joint discussion. This ensures that both partners are on the same page regarding significant financial decisions.
Step 9: Regular Financial Check-Ins
Schedule regular financial check-ins to review progress, assess your budget, and discuss any adjustments needed. This ongoing dialogue helps prevent financial surprises and keeps both partners actively engaged in managing their money.
Step 10: Plan for the Future
Discuss long-term financial plans, including retirement and estate planning. Consider consulting with a financial advisor to ensure that your investment strategies align with your shared goals and risk tolerance.
Step 11: Celebrate Financial Milestones
Celebrate achievements along the way. Whether it’s paying off a significant debt, reaching a savings goal, or making a successful investment, acknowledging your financial milestones reinforces your joint efforts.
Step 12: Adapt and Evolve
Life changes, and so do financial circumstances. Be prepared to adapt your financial plan to accommodate changes such as job transitions, family expansions, or unexpected expenses. Flexibility is key to maintaining financial harmony.
Remember, achieving financial harmony is an ongoing process that requires teamwork, communication, and a shared commitment to your financial well-being. With these steps, you’ll be conducting a beautiful financial symphony together.
This is a full-proof plan and if couples take it to heart and follow it diligently then they can definitely learn how to achieve financial harmony.
Finally, the expert marriage counsellor emphasizes the importance of pre-marital counselling. She believes that young couples should lay a strong foundation based on understanding, clarity and commitment before tying the knot.
Pre-marital counselling for financial matters provides young couples with the tools and knowledge needed to navigate the complexities of married life. By addressing communication, budgeting, conflict resolution, and long-term planning, it sets the stage for a financially harmonious and resilient partnership.
The final advice by the expert marriage counsellor for all couples is to build resilience, patience and a calm attitude. The world around us is rapidly changing and it is natural for relationships to feel the stress and tension. But it is important for couples to stand strong, face the challenges and go the extra mile to achieve a harmonious and happy relationship.