Have you been trying to save money but your spouse or partner is not cooperating with you? That can be a tough situation to be in. It is not uncommon for couples to disagree when it comes to the management of their finances.
According to an article published on CNBC.com, the leading cause of stress among couples involves their finances. This was based on the survey done by SunTrust Bank in 2015. 3 out of 10 respondents admitted to feeling a level of stress in their relationship and money was said to be the primary cause of it. The survey even said that it caused friction among couples which usually lead them to fight about money. In the same article, another study was cited about money and stress. The American Psychological Association said that ¾ of Americans go through financial stress and ¼ of them define it as extreme stress. Among the reasons why there is financial stress is because of the different views and management beliefs that couples have when it comes to their money.
One of the things that couples usually fight about is their savings. Some people feel like it is okay to spend their money if it will be on something that will bring them happiness. However, their partner or spouse usually feel that they should save money to make their future more secure.
If you are tired of fighting with your spouse about money, you do not have to give up your financial beliefs for you to have peace at home. There are ways for you to agree when it comes to managing your finances.
3 tips to get your spouse to help you save
Trying to get your spouse to save money may seem like an impossible task especially if they are natural spenders. Sometimes, this can be a frustrating moment for savers who are married to spenders. They know that they need to save but their partners are bent on spending their money to help make the present life feel more comfortable. While there is nothing wrong with pampering yourself and enjoying your money today, it is wiser if you consider your future too. You should not spend everything today. Think about your retirement. Think about what will happen in case your primary source of income is suddenly compromised. How will you and your spouse live then? If you have kids, what will happen to them in case something bad happens to you?
An article published on Fool.com last 2015 revealed some distressing news about the state of the savings of Americans. Only 2 out of 10 workers said that they confident about the money that they have saved in retirement. Despite the fact that the majority is not confident about their retirement savings, almost 4 out of 10 workers are still not saving money. In fact, 4 out of 10 Americans do not have any retirement savings at all.
If you think about it, these statistics should convince you and your spouse to save money. At least, if you do not want to end up living in poverty once you get older.
To help you meet your saving goals, here are 3 tips that will help you encourage your spouse to save with you.
Show how saving is good for them.
This takes a bit of strategy. You need to understand your spouse well enough to know what is important to them. Think about their personality. What do you think will get them to save money? Is it the promise of travelling on a yearly basis? Is it the security of your children’s future? Is it being able to retire early? These are things that only you, as the spouse, will know. Use this knowledge to your advantage. Use it to convince your spouse to find value in saving money.
Create common goals.
Start by making financial plans together. To convince them to save money, you need to show them your financial position first. You have to show them that your finances will not be stable or will be more secure if you work on increasing your savings. Then you need to set goals together. How do you want to spend your life in the future? What do you want to possess in 5 to 10 years? Having goals will help motivate the both of you to make the necessary sacrifices that will grow your savings. Not only that, having shared goals can help strengthen your relationship with each other. Working on something that involves a future a has the two of you will bring you closer as you progress in your goals.
Get help from a third party.
If the two efforts will still not get your spouse to save money, it may be better to get someone else to talk to the both of you. Hiring a financial planner usually works. But if you have a mentor that the both of you look up to and respect, that can also help. Sometimes, hearing it from someone else will make us sit up and realize the value in saving money.
Any of these tips should be able to convince your spouse to finally, save money so you can both feel more secure about your finances. While different couples handle their household income differently, we will all benefit from increasing our savings.
Managing money as a couple is tough if you do not know how to communicate with each other well. Here is a video that provides tips on how you can talk about money without fighting with each other.
How to make saving effortless and painless for couples
The truth is, some people avoid saving money because it feels painful. To a certain level, this is true. It can be painful if you are forced to make sacrifices in order to get the extra money that will allow you to save. For instance, some of you may be forced to get a second job just so you can increase your income. Other couples may be forced to stop spending so they can put it in their savings. These are the sacrifices that make it hard to save more money.
According to another article from Fool.com, millennials have admitted that they have a negative savings rate because of their debts. This is in fact, a reasonable excuse to not save. But that does not mean it will keep your finances from being vulnerable. Your excuse will not get you closer to reaching your goals, nor will it make your finances secure. You have to find a way to save money regardless of your financial position.
Here are a couple of ideas that will help make your saving efforts less painless and effortless.
- Automate your savings. Start by making your savings automatic. Commit to save $200 per payday. Have the bank get the amount and send it to an account that is dedicated to your savings. You won’t really miss it if you get it from your paycheck immediately.
- Opt for cash back rewards. There is no helping it. We really need to spend. But that does not mean we should not find a way to spend little. Some companies can help you save money by giving cash back rewards. Just make sure you will put this money in your savings to make it count.
- Improve your credit score. The higher the credit score, the less interest you have to worry about. The lower the interest on your credit accounts, the more money you will save.
- Negotiate your interest with creditors and lenders. If you have debts, you can call your creditors and lenders and ask them to lower your interest – at least if you have a good payment behavior. Or you can combine your debts into one through debt consolidation loan. This will help lower your monthly payments and free up money in your debt payment fund. That way, you can put the extra money in your savings.
- Learn to cook your meals from scratch. You can save a lot if you only use your kitchen. Not only that, you can also be assured of healthier meals for your family.
- Set your insurance payments to yearly contributions. Insurance companies usually charge less if you pay your insurance premiums on a yearly basis instead of monthly, quarterly or semi-annually.
- Take care of your health. Finally, taking care of yourself is literally a painless way to save money. Health care costs are rising and this is an expense that you cannot forego if there is a need. Make sure you lessen that need. Live a healthier lifestyle so you do not have to spend on expensive treatments. This is one way that saving can literally save your life.