Sunday, December 11, 2011

Financial Meetings with Your Spouse--Do You Have Them?

Lots of financial 'gurus' encourage weekly financial meetings with your spouse/partner/significant other.  I can see how it would be helpful for both sides to have an updated, complete picture of the family finance.  That way you can make sure you're on the same page regarding your short and long term goals (hopefully you have some in common), your progress towards those goals, any possible changes (budget, insurance, investments), and upcoming expenses (car repairs, tuition payments, gifts to buy, etc.).  Then you can go about your week making more informed spending decisions, which moves you  more rapidly towards your goals.  For example, if you know that your husband is in need of a new shoes, you may think twice before buying that purse, or adjust the budget for the month to allow for extra spending in certain areas.

I have never been able to put this element into place, other than saying, "Hubby, we blew through our grocery budget for the month already," or "We need to wait until next month to buy that thingamajig, since we bought all of those clothes/gifts/cookies this month."  Part of the reason is our impossible schedules (lousy excuse, I know), the rest is just frustration.  Hubby gets frustrated when he feels we aren't progressing fast enough towards our goals, and I don't want to be the one who frustrates him.  So I just accept the responsibility as my own and keep him on a "need to know" basis when it comes to finances.  I know this isn't  good.  Don't judge me.

Have you ever successfully implemented financial meetings into your schedule?  How were you able to do it?  Does it seem to help your relationship or end in frustration?  How has it affected your progress toward your goals?

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