Today at Smoov, we draw inspiration from a captivating episode of Alex Cooper's Call Her Daddy podcast featuring the financial influencer, Haley Sacks, also known as Mrs. Dow Jones.
Our focus today is on the wisdom shared by Haley Sacks, exploring essential tools for discussing finances openly in romantic relationships. Whether it's moving in together, splitting expenses, or addressing differing spending habits.
The first thing here that they outline is that everyones relationship is totally different, depending on their age, their income, their background etc etc... but there are key themes that anyone can pull into their relationships.
Mrs Dow Jones sites two main reasons talking about money is so uncomfortable: one person doesn't have strong handle on their own personal finances. Number two, depends on your upbringing. There are plenty of additional reasons but these are two cornerstones of the discomfort it can bring into the relationship.
Three answers to how Mrs Dow Jones recommends couples split expenses:
- 50/50 - shoutout Gabrielle Union and Dwayne Wade.
- One person pays for everything.
- Percentage based on income. Mrs Dow Jones self proclaimed favorite strategy. This is literally why Smoov exists because doing this manually is a logistical pain in the butt, and with Smoov, it's automated and easy.
Along with that another major benefit of Smoov based on Mrs Dow Jones perspective is risk of joint bank accounts and credit cards. It can go poorly very fast. Smoov allows couples to contribute equitably without introducing this risk into your life.
Now, let's dive in and discover the secrets to making smarter financial decisions together!
1. Chasing Shared Financial Dreams
While it's natural for partners to have different spending habits and priorities, finding common financial goals is essential. Whether it's a dreamy house, a sweet retirement plan, or epic vacations, getting excited about your mutual ambitions makes it a little easier to have the hard conversations about money. This process will help you understand each other's perspectives and create a stronger bond through shared objectives. By aligning your values and priorities, you can work together towards a more prosperous future.
2. Your First Shared Financial Goal: Vacations
Okay, let's talk vacays! Vacations are a wonderful way to create lasting memories and strengthen your relationship, so figure out your "vacation number" together – how much you want to spend. Then, the magic happens! Automate a "vacation bucket" to stash away your getaway fund. Budgeting ahead and traveling to destinations where the local currency's value is favorable will stretch those vacay dollars! By knowing your spending limits, you can make the most of your vacation without worrying about financial stress upon your return.
3. The Wizardry of Automation
You've got better things to do than crunch numbers all day! Automating your finances can significantly reduce stress and make managing money as a couple more efficient. Set up automatic deposits into a high-yield savings account to build an emergency fund or invest in your future. By removing the manual aspect of saving, you'll be more likely to stay committed to your financial goals and create a secure financial foundation. Plus as you know by now you can use Smoov to automatically split your shared expenses.
4. Dodging the Ultimate Financial Faux Pas: Financial Infidelity
One of the most significant challenges couples face is financial infidelity—hiding income, expenses, or debts from each other. This dishonest behavior erodes trust and can lead to serious relationship issues. Instead, foster open and honest conversations about your finances regularly. Share your income, expenses, and financial obligations with each other. Discuss your financial fears and dreams to strengthen your bond and create a sense of unity in managing your money.
5. Finding the Right Money Splitting Method
Every couple has different financial dynamics, and there's no one-size-fits-all approach to splitting money. Here are three common methods to consider:
a. 50/50: Splitting expenses equally down the middle. This approach is straightforward and suitable for couples with similar income levels.
b. One person pays for everything: In this approach, one partner takes on the majority of expenses. It can work if there's a significant disparity in income or if one partner prefers handling finances.
c. Percentage-based: Allocate expenses based on each partner's income percentage. This method ensures a fair distribution and may suit couples with varying income levels.
Alright, lovebirds, let's get real – money stuff can be a big deal in any relationship. But here's the scoop:
Tackling money together leads to financial freedom and a stronger bond. Be open about goals, automate savings, and avoid money secrets. Find a fair money-splitting method, respecting individual finances. Now, here's where things get exciting! Say hello to Smoov, the ultimate couple expense manager. No more manual hassles! Sync it with your cards, track shared expenses in real-time. Split bills your way, 50/50 or percentage-based, building trust and harmony. Settling up is a breeze with a few taps. Embrace the Smoov revolution and kick those money management complexities to the curb. It's time to soar towards financial success as a power couple!
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