By John Kennedy, CFP® / February 15th, 2021
Communication – Family Budgeting
Years ago, when we were first married, Jackie and I sat down together to talk about whose bank we would merge our accounts under. Like any educated, responsible adults about to embark on their first serious decision together, we used a coin flip. I lost, and nearly a decade later, we are still using my wife’s bank.
However funnit it seems now, the real value in that initial conversation about money is that it served as the foundation on which we have built our monthly budgeting meetings, planned out time when we discuss our budget and what adjustments we need to make moving forward.
I loved talking with couples about how to join finances because I realize how painful it can be, and believe both good communication and trust are key to financial success as a duo. One of the most significant reasons cited for divorce in American is money issues, but I’m certain if we broke that issue down into smaller parts, we would find problems with both communication and trust.
Make it a point to talk about budgeting early on in your marriage, and let us know how we can help.