Finding Partnership in Your Finances
So you’re thinking about combining finances! This step can seem overwhelming, but it can be an exciting time. There are a lot of things that need to be taken into consideration when thinking about this step. Here at AO Wealth, we want to give you some comfort and confidence that you can do it!
No matter what your goal is, we want to help you achieve it!
Compromise
Finding compromise in a relationship is most likely one of the most important pieces. While we aren’t relationship experts, we sure do know how to help with finances. In this step, compromise is still everything!
Every person has their own savings syles and spending habits. While they may work for you individually, it can be tricky when they collide. No saving style is wrong, however, it’s important to find one that works for both of you!
Some questions that are important in this stage are “what are your non-negotiables?” What are things that you currently do, buy, or have as a habit that is important for you to keep as is? By having these things in mind, you can better decide what is easier to let go and compromise on.
>> AO Wealth Advisory Team <<
Communicate
Sometimes money is not a fun topic of conversation. It can be associated with feelings of stress, shame, and worry. It is important to communicate with the other person about how you are feeling when it comes to your finances.
Staying open with each other about each of your histories will make communication even easier. It will show that you both are willing to be honest and move forward together!
>> Related: Money and Marriage <<
Creating a Safe Space
A concept that can get lost in a topic like finances, is creating a safe space to work it all out! Similar to communication, money can be a difficult conversation or task to manage for some people. Every person has different upbringings and views when it comes to saving and spending money. By creating a safe space for each other, it will make the whole process much easier.
This includes diving into each other’s history as well. Topics like past spending habits, amount of savings, how much they budget, credit scores, and debt amounts are all topics that can create shame. Eliminate the shame by accepting the other where they are in their financial situation, and by working together to find a plan to achieve goals.
____
With AO Wealth, we want to make sure you have someone who can help you help yourself to stay accountable and consistent. Our online portal allows you to see your goal in progress and where your finances are in your personal stage. Money and spending can sometimes feel like it's hard to visualize and manage, so this is a great tool to let you remember your goals, where you started, and where you are headed.
Advisory services offered through A.O. Wealth Advisory, LLC, a registered investment adviser.