Exchange Your Money Habits With Your Partner to Understand Their Point of View
In an ideal world, you and your partner will have the same financial prospects. But this is not always a reality. Many couples resolve their financial differences, but it takes some effort and understanding. To better understand where your partner came from, change your money habits.
We all know how often couples fight over money . To curb financial disputes, Olivia Mellan, family therapist and money coach, tells LearnVest that it helps “fit in” your partner’s monetary personality. The next time you disagree with money, you will better understand the other person’s point of view.
To try this, you obviously need to know how you feel about money and how you use it. Maybe you are incredibly frugal and your spouse is wasteful. Perhaps your spouse doesn’t like to think about money at all. Chances are, if you’re fighting over money, you probably already have a good idea of each other’s monetary philosophy. If not, learn more about it here .
From here LearnVest offers:
Pick a day when you and your significant other can “switch” approaches to money. For example, if you are saving and your partner is a sponsor, buy a minor item that you would normally ditch that day – perhaps a hardback bestseller or a new sweater for sweets – if the purchase fits your budget. In the meantime, your partner may focus on taking a predetermined amount of money – perhaps an amount equal to what he usually spends in a day – and transfer it to a savings or investment account.
After the exchange, you should write down or discuss what it was like to leave your financial comfort zone. Focus on how you might empathize with your partner’s money habits. Overall, this exercise is designed to help you communicate and find compromises. Check out the full publication for more details.
Power Hack of the Week: Personal Money Exchange with Your Significant Friend | LearnVest