What if Your Partner Lacks Financial Literacy? [5 Steps to Take]

By Sarah Carlson, CFP®, CLU®, ChFC®

It's no secret that financial literacy is important in marriage. No marriage is perfect, and couples will argue. Despite the fact that there are vast motivations behind why couples will quarrel, one of the most widely recognized causes is money.

As a matter of fact, almost 33% of married couples fight over finances at least once a month. That's not surprising when you learn that when discussing finances in a marriage, couples have differing money management styles.

If your spouse lacks financial literacy, it can become the source for reoccurring fights and frustrations, but it doesn't have to break you or the relationship down. You can help your partner expand their financial literacy through these six steps. 

1. Finding the Right Time

Discussions about finances in a marriage can sometimes tend to spiral into arguments. To assist with limiting this, choose a confidential spot to talk with your partner to avoid distractions and any potential embarrassments.

Pick a time when both of you are feeling great, and neither have squeezing plans. You might need to plan the time and date in advance with your spouse to avoid anyone from feeling ambushed. 

2. Choose Facts Over Feelings 

Conversations about money regress into an attempt at finger pointing where both people walk away accomplishing nothing except making each other upset. You can assist with keeping this from occurring by having substantial proof of your partner's unfortunate money management and introducing the proof without being accusatory.

Rather than yelling, "Did you think I wouldn't see you burned through $500 on more tools last month?" Instead, how about, "Here is the bill for the Visa, did you spend $500 on tools?"

3. Teamwork

It is critical to let your partner know that while you are now significant others, you should be comfortable discussing finances in a marriage. In the event that you are accustomed to taking care of the funds alone, begin cooperating on a budget and covering your month to month bills.

You might find it useful to orchestrate a week after week or month to month financial gathering where you can examine your family's ways of managing money, debts, and making financial plans for the future. When your partner sees the big picture, your spouse will understand how their spending is endangering your financial future.

4. Celebrating the Small Victories

Taking on new money habits can be difficult, and you shouldn't anticipate that your spouse will make significant changes overnight. Regardless of whether your life partner is totally ready for the new monetary arrangement, you want to acknowledge that your spouse will make some questionable purchases.

Rather than lashing out, set aside some time to address the reasons your partner couldn't remain on budget. Whatever you do, don't forget to encourage your spouse by congratulating him or her when they are able to stay on track.

5. Seek a Financial Advisor

In some cases it can be too difficult and emotional for a couple to deal with their financial differences all alone. That is the time to speak with a financial planner. As a Spokane financial advisor, we provide innovative, honest, and caring advice about your financial future without getting emotionally involved which can help avoid feelings of resentment.

Conclusion

Utilize these steps to help increase your partner's financial literacy, and a fulfilling relationship with one another.

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