Article

3 Best Gifts for Your Valentine

3 Best Gifts for Your Valentine

Fights about money constitute one of the biggest frictions in marriage. Often spouses prefer not to talk about money or just don’t know how to go about it. But there are things you can do to set yourself up for a greater chance of success in your personal finances with the one you share your life with. Here are three simple gifts for reducing fights about money in your marriage.

February 14, 2022
3 Best Gifts for Your Valentine
Important Disclosure: Content on our website and in our newsletters is for informational purposes only. The information provided may (or may not) directly apply to your situation. We recommend that readers work directly with a professional advisor when making decisions in the context of their specific situation.

Valentine’s Day is of course an extremely popular day for marriage proposals. Regardless of which side of the engagement you’re on – or when your engagement occurred – consider how, when and where to wed not just each other, but also your finances.

Fights about money constitute one of the biggest frictions in marriage. While everyone sees financial well-being differently, you can minimize that potential friction many ways.

#1 Talk about Money

You would be surprised at how many people don’t discuss finances with life partners. While some simply prefer not to talk about money, others just don’t know how to go about it.

As with other parts of your relationship, keeping the financial lines of communication open is essential for success. An ongoing financial check-up appearing regularly on your calendar – weekly, weekly, monthly or even semi-annually – makes a great way to touch base on current money affairs. Call it your “financial roundtable.”

Sit down and discuss your financial situation, and identify short-term and long-term goals. Developing a clear understanding of where you are financially and where you want to be – in a month, in five years, anytime in the future – goes a long way toward ensuring that both of you work toward the same goals. Not to mention that it minimizes any miscommunication regarding everyday spending and saving.

#2 Make a Budget

Perhaps your idea of saving and your contributions to retirement plans and similar accounts differ from your partner’s. But putting a plan together on how to budget expenses and save for common goals reduces misunderstandings and, in turn, conflicts over money.

Creating a family budget (perhaps an eye-opening task for somebody who’s formerly single) starts with aggregating your incomes and writing down every possible expense, including savings and allowance for miscellaneous costs you don’t expect. Whether you allocate $10 or $1,000 to monthly savings as a start, the important thing is that you save and grow those contributions together.

Also, if you have big plans such as a (somebody else’s) wedding, a vacation or a new baby, you can create an additional savings account for that purpose. This allows you to avoid dipping into your core savings.

#3 Talk to Your Financial Advisor

As you might soon learn from your new life mate, not everyone is born with a knack for managing finances. Even those who clearly understand what needs to be done regarding money are often too busy focusing on other important parts of life, such as making a living, taking care of kids, preserving good health or having a social life.

The good news: your financial advisor can offer technology that can help with personal finances, from mobile banking to organizing your cash flow. You no longer need to invest significant time and energy in understanding your current financial well-being.

Sure, it’s a lot easier to ignore your personal finances then tackle them head on. But as you plan to share your life with someone, set yourself up for success from the very beginning. The more you communicate and work for the same financial goals, the greater the chance for a happy union personally and financially.

Happy Valentine’s Day.

Other content you may like

  • Which Way is Your Household GDP Trending?

    Which Way is Your Household GDP Trending?

    December 14, 2021
    The Gross Domestic Product (GDP) is a number followed closely by Wall Street and economists, to determine the overall economic health of our country. This macroeconomic data is most useful when viewed through your own filters. Have you considered calculating your household’s GDP to determine your economic health?
    Read this Article
  • Veteran Benefits Image with American Flag and Money

    Vets, Don't Miss Out on Hidden Benefits

    November 20, 2020
    There are several substantial benefits many veterans and their families are eligible for, but may not be aware of. This article sheds light on a wide range of those overlooked benefits and gives you resources to learn more.
    Read this Article
  • Mid-Quarter Roundtable Highlights

    Podcast Highlight - Mid-Quarter Recap: Bonds, Markets and U.S. Dollar

    November 28, 2022
    Enjoy this highlight clip from the Strong Valley Mid-Quarter Roundtable discussion.
    Read this Article
  • Giving Thanks for Frustrations and Obstacles

    Giving Thanks for Frustrations and Obstacles

    November 16, 2023
    There are many challenges in our world, on a large-scale and in our own personal lives. Gratitude makes us focus and turn our negatives into positives. We actually grow and learn from challenges. Some of the best things in life grew out of a negative circumstance. This Thanksgiving, consider this powerful emotion called gratitude.
    Read this Article
  • The link you have selected is located on another server. The linked site contains information that has been created, published, maintained, or otherwise posted by institutions or organizations independent of this organization. We do not endorse, approve, certify, or control any linked websites, their sponsors, or any of their policies, activities, products, or services. We do not assume responsibility for the accuracy, completeness, or timeliness of the information contained therein. Visitors to any linked websites should not use or rely on the information contained therein until they have consulted with an independent financial professional. Please click “Continue to Link” to leave this website and proceed to the selected site.
    phone-handset