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Mar 01, 2017

10 Steps to Help Commit to Financial Fidelity

By United Capital

Finances can often serve as a catalyst for conflict in a relationship, but it doesn't have to be so. Money can also bring couples closer. Constructive conversations about money realities and both parties feelings aobut those realities can help build relationships that are stable both emotionally and financially.

If you want to strengthen your marriage by avoiding conflicts over money, commit to these 10 steps in our Financial Fidelity Checklist.

  • Discover how biases affect your decisions about money by taking the Money Mind® quiz.
  • Have an open discussion with your spouse or partner to facilitate a deeper understanding of what their values are and what matters to them when it comes to money.
  • Acknowledge the risk. Financial deceptions may create bitterness, erode trust and shake the foundation of even the strongest marriage or partnership.
  • Commit to making financial fidelity a cornerstone of your relationship and to refrain from using money as a punishment or reward in the relationship.
  • True-up your balance sheet. Make sure it includes an accurate reflection of your financial health as individuals and as a couple.
  • Develop a discretionary spending strategy. Some couples pre-set an amount for “no-questions-asked” spending. Other couples agree to discuss spending only over a specified amount (e.g. $250).
  • Work toward creating equality in the knowledge and authority of your household system for spending and saving.
  • Schedule time to periodically review household money management.
  • Establish a policy on how to respond to loan requests from family and friends.
  • Grant access to money management tools. If one spouse keeps the family books, consider giving the other spouse access.

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