Couples and Money

It’s never too late to have “the talk”

We recently posted a wsj.com article entitled “Why Couples Should See a Financial Adviser Before They Get Married”. In reality, there’s never a wrong time for couples (newly-engaged, newly-married, or celebrating an anniversary) to have “the talk about money” and to get the guidance and mentoring of a financial advisor. 

Here’s why.  There’s always something new to learn ­–– tips, habits, new ways to save money, smart new money management tools, even small tweaks in behaviors that can make a positive, life changing impact on your net worth.

What other couples have learned

It might be gaining a better understanding of each other’s financial wants and needs, or the emotional reasons behind your spending habits, or your (often unexpressed) expectations of each other.  An experienced financial adviser has likely been part of all such conversations and can bring to the table not only empathy and understanding, but also what has worked well for other couples in similar situations. 

“We’re taught from a young age NOT to talk about religion, politics or money,” says Lenox VP and Certified Financial Planner, Anne Megerle, who regularly counsels couples of all ages on financial planning and financial problem solving.  “That may be good advice when in social situations, but not for couples.  Not talking about money can lead to major problems, both financially and in a couple’s relationship.  Life gets so much easier when couples understand each other “financially” and are on the same page.”

Don’t delay taking that step  

“Too often, couples put off talking money because they are embarrassed about how they’ve spent money in the past, or have money secrets they haven’t shared with their spouse,” says Megerle.  “Our job is not to judge or to criticize; it’s to help align couples and get them past financial bumps and setbacks and on their way to a well-planned financial future.”

Easier than you think

Whether as a couple you’re smooth sailing through your finances or constantly butting heads, the gist of the meeting should be positive, upbeat and informative.  You should leave feeling more knowledgeable, empowered, and comforted by having a roadmap with clear next steps to attain the financial future you mutually desire. 

At Lenox, we walk you through our easy and comfortable financial coaching for couples, including...

  • Couples Future Focus –– A brief assessment to discover what each person brings to the relationship, along with expectations, life dreams, and more
  • “Honest Conversations” –- Insights into what matters to you in life
  • “Money Mind” –– What role money plays to each of you as individuals
  • Money Management –- Creating and following a budget, how to save and how to give
  • Building your net worth as a couple

The lesson in all of this is that from premarital financial planning, to mid-career financial changes, to any or all of life’s major transitions (education costs, weddings, retirement), all couples can gain by making time for “the talk”.   Smart couples do just that.

If you’re ready to discuss financial planning that will allow you to Fund a Life You Love®, we’d love to tell you more.  Let’s talk.  It’s your tomorrow.

Call us for a complimentary 1 hour review.  Call 513.618.7080 or visit www.lenoxwealth.com to Fund a Life You Love.

Past Performance is not indicative of future results.

This blog is limited to the dissemination of general information pertaining to its investment advisory/management services. This is not intended to be personalized investment advice. Please contact a Lenox adviser if you would like additional information.