Unlocking Financial Harmony in Relationships
The Key to a Stronger Partnership
When it comes to managing finances, many couples struggle to find a balance between equality and efficiency. According to Doug Boneparth, president and founder of Bone Fide Wealth, successful financial partnerships require more than just dividing money – they need equality in financial knowledge and decision making.
Creating Fairness and Equality
Boneparth, who is writing a book with his wife titled “Money Together,” aims to help couples navigate five crucial areas of financial partnership: financial upbringing, past money mistakes, caregiving responsibilities, power dynamics, and risk tolerance. By doing so, couples can have meaningful and productive financial conversations that lead to stronger relationships, happier families, and better outcomes.
The Importance of Active Involvement
While it’s fine for one partner to manage day-to-day finances, both partners need to be actively involved to achieve financial equality in a relationship. This includes knowing the location of all accounts, having shared access to financial apps and accounts, conducting regular check-ins to review net worth and goals, and understanding both the quantitative and qualitative aspects of money management.
Regular Financial Check-Ins
Boneparth recommends scheduling regular financial check-ins, ideally quarterly, to review net worth and spending. During these meetings, couples should discuss both the numbers and feelings around their money and goals. This helps to create a sense of unity and teamwork in achieving financial objectives.
Tips for Building Stronger Financial Teamwork
To get started, Boneparth offers the following tips:
- Ensure both partners have full access to all financial accounts and apps.
- Schedule regular financial check-ins to review net worth and spending.
- Discuss both the quantitative and qualitative aspects of your finances during these meetings.
- Create equality in your financial knowledge by knowing where all accounts are located, how much income is being generated, and what the household expenses look like.
- Consider using shared financial apps and online tools to create transparency and working with a financial adviser to establish a framework for money discussions.
The Benefits of Financial Harmony
By achieving financial harmony, couples can increase the probability of hitting their goals together. As Boneparth notes, “This is a team game you’re playing.” By working together and communicating effectively, couples can build stronger relationships, achieve financial stability, and create a brighter future for themselves and their families.
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