5 Ways to Work with your Spouse Towards Financial Freedom
If your spouse is not onboard with your plan for financial freedom than I can assure you, your plan will likely fail. Your spouse has to play an equally important role in your financial plan. If your spouse feels as though they are just along for the bus ride, at some point they’ll get off at the next stop. But how do you get your spouse involved in your plan? Here are 5 ways?
1) Attend a seminar together. My wife and I went to see Dave Ramsey in March of this year. That’ when I finally made the commitment to get out of debt. She and I needed to equally commit and understand the importance of debt eilimination, savings, investing, and giving.
2) Set goals together. My wife and I have some very specific goals that have a mutual benefit. Getting totally out of debt by April of 2006 is a mutual goal that has tremendous benefits for both of us. It will give us the freedom to make better career, investment, and personal choices. We will no longer be ” a slave to the lender”.
3) Set individual goals. There will be things you and your spouse may want to do or buy that the other does not necessarily care for. By setting individual goals for such things you tend to work harder to make the mutual goals succeed. For example, I am looking to purchase some home theater equipment. We have those items in our financial plan, but hey come after we have met our debt elimination goals.
4) When creating your financial plan do it together, if possible. My wife and I can’t usually work our financial plan together because I am on the road quite a bit. She creates the spreadsheet and does all the numbers, however, before we make it final she will email it to me and I review it and provide input. Here is the hard part for some couples. You have to listen to your spouse. Their input is what makes them committed to the plan. Allow them to speak and compromise where necessary.
5) Do no alter the plan without the consent of the other. This is critical. When we want to do something that is not in our plan, my wife and I discuss it, and we then decide together if it is worth altering the plan or if it can wait.
Follow these simple rules and together you’ll enjoy success. If anyone else has other ideas please submit them .
Regards
What if you are single? Just a thought.
Regarding sticking to a plan together, this is important. Many people don’t review the purchases they make. Many people buy on impulse. These two things can lead to the downfall of any economic stability plan.
A good motto for people to go by is “spend half, save half.” No matter what, save half of the money you earn. The other half should be used to pay bills, and the left over part is yours to spend wisely. Sure, many people can’t afford to follow this motto, however it is crucial to save money. One should adjust the motto so it can fit their life style. If a rainy day comes where you have no source of income, you can fall back on your savings until you can get back on your feet. Not having any savings can put you further into debt and make things worse.
You’ll be surprised at how much you can save by putting money away after each paycheck. It should be automatic. Derive a certain amount you can afford to save each paycheck and follow it.
Alexander, you make a good point as far as being single. The whole purpose of working with your spouse is to provide checks and balances and accountability.
If you are single I suggest you find a parent, a pastor or preacher, or a close friend who you will be accountable to. They will provide a unique perspective and will help you stay on track.
Spend half, save half is a good mantra to live by, however if a person is seriously in debt then I suggest attacking debt with every available penny you have, but only after you have saved an emergency fund. Debt will kill you every single time.
Thanks for the comments. I appreciate them.