Spouses, Partners and MONEY, OH My!

It’s no surprise that the topic of money comes up a lot in my work.

After all, we are talking about livelihoods here.

Often these conversations venture into money and relationships.

After all, when someone is married or partnered or raising a family, their career, business, and money-related decisions affect more than just the individual. Other household dynamics need to be considered too.

But, as we all know, money talk can be tricky.

It’s easy to go from discussing dollars and cents (or sense!) to allowing your emotions to get the best of you.

Can you really afford to quit your job and chase your dreams, or will that move put an unfair burden on your partner?

Is it feasible to retire your spouse and bring him into your business to work for you, or would that make money too tight (and tensions too high!) in the home?

Does it make sense for you to go back to work now when childcare expenses would pretty much wipe out your salary?

The thing is, money matters — and it matters even more than we sometimes want to admit when emotions are running high.

Unhappy in your current career?
Wishing for fulfillment outside of the home?
Taking on your partner’s job woes?
Convinced the grass is greener anywhere but where you are?

If you’re not careful, these scenarios can take a serious toll on you and your significant other.

Stress and uncertainty around careers, business, and money can cloud your thinking, lead to irrational actions, and cause strife in your life and relationships.

The bottom line is, you have to value what each of you brings to the table.

You have to consider your desires along with what the other person wants, and what you both need.

You’re counting on each other, and you may have others (children or aging parents) counting on you too.

I’m not saying put everyone else’s priorities before yours, but I am saying to step back, look at the big picture, and realize there are more ways to think about this than you may see at the outset.

Before moving forward with any consequential changes, what you need is clarity.

Watch the latest video below on this topic for some specific examples of how spouses divvy up the money conversation.