Fights over money are a leading cause of divorce. Andrew’s wife Laura joins us to talk about getting a reluctant spouse on board financially.
Laura does a lot behind the scenes for LMM but this is her first time on the show! She was the spender to Andrew’s saver when they met. But after a few years, he whipped her into shape.
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Laura’s parents aren’t bad with money but they didn’t teach her enough growing up to be good with money. By the time she met Andrew, her wages were being garnished.
When the couple moved in together, Andrew said one thing he never wanted to fight about was money so they needed to communicate openly and often about it.
Strong arming any topic, especially money, is a fast way to fail. A crash course in what someone should have learned over a few years isn’t helpful either. Addressing money issues as they come up is less contentious and less intimidating.
Sometimes it's not worth the fight.Tweet This
If one partner has a business the other is not involved in, large business expenses can cause problems. You’ll need to “open your books” and help your partner understand things like return on investment for those big expenses.
Money inequality can cause resentment on both sides and poison a relationship. This is why communicating often about money is important, to talk these things out before that resentment starts to build.
Money isn’t the only way to value things. If one partner takes care of things like cleaning, laundry, cooking, home repairs, the other spouse is getting those things for free. Things like those have value too.
Sometimes the problem is one partner thinks about the future much more than the other. If this is the case, show your partner what the future could be like if you’re on the same page with money: early retirement, exotic vacations, starting a business.
No relationship should end over something like money. Communicate with your partner, show them why you manage finances the way you do. To help you to both have a better future.
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