Advertising

9 Money Habits Happy Couples Have

Advertising
9 Money Habits Happy Couples Have

It has become general knowledge that half the marriages in North American end in divorce. It makes us all wonder what it takes to have a happy long-term relationship.

There is good news. According to Kansas State University researcher, Sonya Britt, arguing about money is the top predictor of divorce. How is that good news? Well, if you master your personal finances and get on the same page with your partner about your shared finances, then you’ll have overcome the number one obstacle in relationships.

What do happy couples do differently? Here are the nine smart money habits they share:

Advertising

1. They talk about money

For many couples, it’s easier to talk about sex than to talk about money. Based on their upbringing, money can be a sensitive topic because it can trigger feelings of inadequacy or shame centered around not having a financial plan, around spending too much or around not earning or saving enough. Happy couples set aside time to talk about money and set goals around each partner’s and the shared money.

2. They understand each other’s money type

Are they hoarders when it comes to money? Are they big spenders? Are they come-what-may hippies? Or are they avid spreadsheet crunchers? According to author Jordan Goodman, in the book Master Your Money Type, there are six psychological money types. Happy couples understand their own money type and their partner’s. They don’t try to change the other person. They only strive to find a middle ground.

3. They have a joint bank account

Happy couples share a joint bank account that covers common basic necessities, such as rent or mortgage payments, utilities, groceries, toiletries, etc. They both automate their monthly contributions to this join bank account, in proportion to their income. They even align what to do if or when one of them isn’t earning an income.

Advertising

4. They have separate bank accounts

In addition to a joint bank account, they each have their own separate bank accounts and credit cards. Happy couples know the value of independence, freedom of choice, mutual trust and personal respect. They don’t stalk each other’s every move and purchase. Separate bank accounts also leaves room for personal growth, personal responsibility and surprise birthday gifts!

5. They understand each other’s love languages

What does love have to do with money? According to Dr Gary Chapman, in his New York Times bestselling The Five Languages of Love, people express love through quality time, physical touch, acts of service, words of affirmation, or gifts. For example, if one partner spends a lot of money buying gifts to show affection while another just wants to talk long walks together, then the first can be perceived as a frivolous spender and the second as a cheap-ass. Understanding each other’s love language helps happy couples understand their partner’s internal motivator for spending, saving, and investing money.

6. They have a security blanket

Nothing stresses a relationship more than financial insecurity. On Maslow’s hierarchy of needs, security – including financial security – is more important than love and belonging. Happy couples budget, follow their budget and create a financial security blanket that keeps them feeling secure, optimistic, and carefree. It doesn’t mean they deprive themselves of fun or material goods, it simply means they don’t spend money that they don’t have.

Advertising

7. They know that money is a means, not an end

Happy couples understand that money is a means, a way to exchange goods and services. They know that ultimately, money won’t give them fulfillment and purpose. They use money to acquire assets, to travel and experience the world, and to support continued learning and healthy lifestyle. Happy couples aren’t materialistic. They don’t feel the need to keep up with the Jones.

8. They set aside fun money

All wealth mastery gurus point to delayed gratification as a key to long-term wealth. Yet, happy couples set aside fun money, an amount of disposable income that requires no thought or consideration before spending. Tapping into the fun money barrel prevents needless arguments and stress on the relationship.

9. They have balance

They are frugal, but don’t hoard money. They are generous, but not reckless with money. They appreciate spreadsheets, but don’t let numbers rule their lives. They gracefully walk the fine line between work and play and the fine line between saving, spending, and investing.

Advertising

So, what will it be? Open and curious conversations around money or avoid money issues until they implode? Happy couples treat money as a means to an end, not a character flaw or personality trait. They approach it with a smile and look for alignment of their common goals, rather than agreement of their personal preferences.

What habits will you implement to keep your relationship happy and prosperous?

Featured photo credit: http://compfight.com via farm3.staticflickr.com

Advertising

More by this author

9 Money Habits Happy Couples Have Growing investment 9 Must-have Skills to Invest like a Pro

Trending in Money

1 33 Painless Ways to Save Money Now 2 How To Achieve Financial Freedom With the Right Mindset 3 Financial Freedom is Not a Fantasy: 9 Secrets to Get You There 4 40 Healthy And Really Delicious Meals You Can Make Under $5 5 Life Insurance: A Secure Way To Protect Your Future.

Read Next

Advertising
Advertising

Last Updated on January 5, 2022

33 Painless Ways to Save Money Now

Advertising
33 Painless Ways to Save Money Now

In a difficult economy, most of us are looking for ways to put more money in our pockets, but we don’t want to feel like misers. We don’t want to drastically alter our lifestyles either. We want it fast and we want it easy. Small savings can add up and big savings can feel like winning the lottery, just without all of the taxes.

Some easy ways to save money:

Advertising

  1. Online rebate sites. Many online sites offer cash back rebates and online coupons as well. MrRebates and Ebates are two I like, but there are many others.
  2. Sign up for customer rewards. Many of your favorite stores offer customer rewards on products you already buy. Take advantage.
  3. Switch to compact fluorescent bulbs. The extra cost up front is worth the energy savings later on.
  4. Turn off power strips and electronic devices when not in use.
  5. Buy a programmable thermostat. Set it to lower the heat or raise the AC when you’re not home.
  6. Make coffee at home. Those lattes and caramel macchiatos add up to quite a bit of dough over the year.
  7. Switch banks. Shop around for better interest rates, lower fees and better customer perks. Don’t forget to look for free online banking and ease of depositing and withdrawing money.
  8. Clip coupons: Saving a couple dollars here and there can start to add up. As long as you’re going to buy the products anyway, why not save money?
  9. Pack your lunch. Bring your lunch to work with you a few days a week, rather than buy it.
  10. Eat at home. We’re busier than ever, but cooking meals at home is healthier and much cheaper than take-out or going out. Plus, with all of the freezer and pre-made options, it’s almost as fast as drive-thru.
  11. Have leftovers night. Save your leftovers from a few meals and have a “leftover dinner.” It’s a free meal!
  12. Buy store brands: Many generic or store brands are actually just as good as name brands and considerably cheaper.
  13. Ditch bottled water. Drink tap water if it’s good quality, buy a filter if it’s not. Get 
      a reusable water bottle and refill it.
    • Avoid vending machines: The items are usually over-priced.
    • Take in a matinee. Afternoon movie showings are cheaper than evening times.
    • Re-examine your cable bill. Cancel extra cable or satellite channels you don’t watch. Watch the “on demand” movie purchases too.
    • Use online bill pay. Most banks offer free online bill paying. Save on stamps and checks, and avoid late fees by automating bill payment.
    • Buy frequently used items in bulk. You get a lower per item price and eliminate extra trips to the store later on.
    • Fully utilize the library. Borrowing books is much cheaper than buying them, but in addition to books, most local libraries now lend movies and games.
    • Cancel magazine/newspaper subscriptions: Re-evaluate your subscriptions. Cancel those you don’t read and consider reading some of the other publications online.
    • Get rid of your land-line. Do you really need a land-line anymore if everyone in the family has a cell phone? Alternatively, look into using VOIP or getting a cheaper plan.
    • Better fuel efficiency. Check the air pressure in your tires, keep up with proper auto maintenance, and slow down. Driving even 5MPH slower will result in better fuel mileage.
    • Increase your deductibles. Increasing the insurance deductibles on your homeowners and auto insurance policies lowers premiums significantly. Just make sure you choose a deductible that you can afford should an emergency happen.
    • Choose lunch over dinner. If you do want to dine out occasionally, go at lunchtime rather than dinnertime. Lunch prices are usually cheaper.
    • Buy used:  Whether it’s something small like a vintage dress or a video game or something big like a car or furniture, consider buying it used. You can often get “nearly new” for a fraction of the cost.
    • Stick to the list. Make a list before you go shopping and don’t buy anything that’s not on the list unless it’s a once in a lifetime, killer deal.
    • Tame the impulse. Use a self-enforced waiting period whenever you’re tempted to make an unplanned purchase. Wait for a week and see if you still want the item.
    • Don’t be afraid to ask. Ask to have fees waived, ask for a discount, ask for a lower interest rate on your credit card.
    • Repair rather than replace. You can find directions on how to fix almost anything on the internet. Do your homework, and then bring out your inner handyman.
    • Trade with your neighbors. Borrow tools or equipment that you use infrequently and swap things like babysitting with your neighbors.
    • Swap online. Use sites like PaperBack Swap to trade books, music, and movies with others online. Also, look for local community sites like Freecycle where people give away items they no longer need.
    • Cut back on the meat. Try eating a one or two meatless meals every week or cut back on the meat portions. Meat is usually the most expensive part of the meal.
    • Comparison shop: Get in the habit of checking prices before you buy. See if you can get a better price at another store or look online.

    Remember that saving money is not about being cheap or stingy; it’s about putting money into your bank account rather than giving it to someone else. There are many ways to save money, some you’ve never thought of, and some that won’t appeal or apply to you. Just pick a few of the ideas that sound doable and watch the savings add up. Save big, save small, but save wherever you can.

    Advertising

    Featured photo credit: Damir Spanic via unsplash.com

    Advertising

    Advertising

    Read Next