Reduce Stress Levels By Discussing Your Financial Situation Monthly

One of the most common stress areas in a relationship is money. Most of this stress comes from a lack of open communication on the topic of money. Develop an open line of communication with family members by getting together at least a monthly to discuss your finances.

Key Topics To Discuss Monthly Regarding Your Finances

Topics for the discussion should start by reviewing the results of your finances from the previous month, such as;

• Review your flexible spending accounts balances.  Are they over or under forecast?
• How is  your recurring expenses account doing?   Any revisions necessary?
• Analyze your discretionary spending and discuss ways to reduce them.  
• How are you managing credit cards?  Are you paying off the balance each month?
• Is there money left in your checking account after accounting for credit card discretionary expenses?
• Is your significant other buying into the cash flow spending process?  if not, why?  
• If you have credit card debt, are you becoming financially disciplined by not increasing the balance on the cards?  Have you started to actually reduce your credit card debt?
• Did you grow your net worth by reducing debt or adding savings or investments?
• What went well?  What can you celebrate for accomplishing last month?

Plan, Prioritize, and Fund Large Future Expenditures

Next you should discuss any large expenditures in the next 6 months or longer and how much you need to put a side each month to pay for the large expenditure.   Develop a plan to deposit a monthly amount for the large expenditure into your recurring expenses account or another account specifically for the large expenditure. 

• Family Vacation next year = $3,000 / 12 months = $250 a month
• Bathroom remodel in 2 years = $4,800 /24 months = $200 a month
• Save $15,000 for college for Jr. in 10 years = $15,000/ 120 months = $125 in 529 plan (Something saved for college is better than nothing!)

Earn Credit Card Points For Large Expenditures

As a result of planning and funding the major expenditure in advance, you can pay for it with a credit card, earn points, and then pay the balance due in full.

Stress Levels Only Increase By Ignoring Your Money Issues

Ignoring your money issues will never solve your money problems. The more you openly discuss your finances, come to a mutual understanding around a spending plan, and stick to the spending plan, the less financial stress will be in your relationship.