Money issues can strain any relationship, but they don’t have to. In this video, Russell Rivera shares how one couple used financial planning to turn tension into teamwork by aligning their goals and habits.
Topics Discussed:
How money causes stress in relationships
Differing financial habits (saver vs. spender)
Creating shared financial goals
Reducing tension through teamwork
You can watch this video and others on the Voice Wealth Management YouTube channel.
Transcript:
I am Russell Rivera, founder and president of Voice Wealth Management, and this is Sidewalk Talk. As we head into February, I want to remind you all that money can be one of the biggest sources of stress in relationships, whether you're just starting out or have been together for years, sometimes your financial goals might differ for one reason or another, whether it's savings rates, how to spend your money or where to send kids to college. Understanding and aligning your financial goals and habits or important to building a strong foundation. I worked with a couple in their thirties who were struggling with this exact issue. One of them was a natural saver, always putting money away for the future. It was just part of who they were. Always cautious about spending, maybe not necessarily not enjoying themselves, but always thinking about the future while spending today.
At the same time, the other one wanted to enjoy their money more, spending in the moment, enjoying nice dinners, traveling well, and not necessarily thinking about the future quite as much. They found themselves arguing over everything from budgeting to long-term planning and whether to go, even, whether to go in, eat in, or go out for the night. It was clear they needed to get on the same page. Well, I sat down with them. They started talking about what their actual financial objectives were, buying a home, saving for the future, and of course enjoying life today and helping to figure out how to balance all of those things so they can all get a little bit of what they want and make sure they get well, not a little bit of what they want, but get everything what they want and can be happy doing it. By creating a financial plan that balanced both of their perspectives, they're able to find some common ground. The saver felt comfortable that the goals that they'd set in mind were there and being accomplished because there was now a clear plan in place, and this spender felt less restricted because there was room for flexibility and enjoyment.
A plan with a plan that worked for both of them, tension, ease, and they started working as a team to team again without the angst. Again, I'm Russell Rivera. If money has been a source of stress in your relationship or not alone, financial planning isn't just about numbers. It's about making sure there's communication. It's about managing emotions, managing your different money concepts, and creating harmony and shared objectives and shared goals. You can visit voice wealth.com to schedule a consultation and we can work together to strengthen both your finances and your relationship. Thanks for joining us. See you next time.
Russell D. Rivera, CFA, CFP®, is the Founder and President of Voice Wealth Management, an independent financial services firm serving professionals, entrepreneurs, and families in New York City and beyond. Focusing on helping clients make informed decisions about saving, investing, and financial planning, Russell is committed to providing a customized approach that reflects each client’s unique priorities and experiences.