Dave Ramsey’s Financial Peace University – Week 2 Relating With Money

by financialmom on July 9, 2011

in Financial Plan, Marriage, Money

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In order for couples to make it long enough to walk into the sunset of life together, they need to be on the same page with their money.  Money fights are the number one cause of divorce.

If you are a saver, and your spouse is a spender, agreeing on what to do with your money can be difficult.  How do you become Super Savers as described in Week 1 of Financial Peace University, if you are constantly arguing about how your money should be spent?

Added to that, we may have gender issues.  Women equate having money to being secure, and feel fear or even terror when there isn’t enough of it.  Men tend to equate money with power, and are willing to take more risks with money to get more

It is essential for a husband and wife to both participate in the setting up of the spending plan (aka budget) for your family.  I know, there will one of you (the nerd) who will be happy to put the initial numbers together, as the nerd actually enjoys doing this. 

Here’s the kicker for the nerd though:  the nerd has to give up total control over the spending plan, and allow the free spirit to make some changes to it.  To make it plain - the free spirit needs to actually look at the spending plan, and suggest changes.

Talk to Each Other about Money 

This is where you will learn to talk to each other in a non-accusatory way about money.  It may be hard at first, especially if you have had money disagreements in the past.  You need to keep working at it – it will be totally worth it.  And it just may save your marriage to learn this skill. 

Now I know what some of you are thinking.  You love and trust your nerd spouse.  They would never do anything that would harm you.  Why not let them take care of what is clearly their strength? 

The reason is this: if both of you do not review and agree upon your spending plan, it will only last as long as the first money disagreement.  And there will be disagreements, even after the first shot at the plan is agreed upon.

Monthly Meeting

A monthly meeting to review your spending plan is absolutely essential.  The best plan may be worthless if you don’t take the time to compare it with the reality of how you spent your money. 

You will find adjustments to your spending plan need to be made, and then even more adjustments.  In fact, for all you perfectionists out there, you may never get it completely right.  Get over it.  Have a discussion, and make the changes.  Then just move on.

Teach Your Children

If your children are old enough, include them in your meetings.  Teach your children how to relate with money as well.  You don’t want your children to grow up thinking they are entitled to money.  Teach your children how to earn money at an early age, and they won’t expect you support them as adults.

New Profile Pic 2599R Dave Ramseys Financial Peace University   Week 2 Relating With MoneyPamela Otten is CEO of Pamela Otten LLC, a Registered Investment Advisor. She loves to work with women business owners and entrepreneurs, and women in transition due to job change, death, or divorce. Pamela will help you set and reach your financial goals, educate you to understand your investments, and teach you how to do more charitable giving. Pamela is a Qualified Kingdom Advisor (www.kingdomadvisors.org), trained and committed to integrating biblical principles with her investment advice.

cc smallest Dave Ramseys Financial Peace University   Week 2 Relating With MoneyPhoto Credit – Le Xav

Financial Planning, Investment Advice, and Investment Management provided through Pamela Otten LLC, Registered Investment Advisor.

The opinions voiced in this material are for general information only, and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, please consult your financial advisor prior to investing.

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{ 1 comment… read it below or add one }

Olga Hermans July 9, 2011 at 8:08 pm

It is absolutley a necessity for a couple to be on the same page concerning their finances. It brings a lot of problems when two people are not in unity, especially about their finances.

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