How to Talk to Your Spouse About Your Financial Future
June 14, 2021 
Jacky Ip

Whenever I get to work with a couple, there tends to be one person who knows more about the family’s finances than the other. Often, one spouse is eager to get the other on board. Not just talking about their financial future but also understanding it.

Does that ring any bells about your own family?

Many of our financial worries stem from “not knowing” and a lack of communication. But now more than ever, understanding your financial situation is not just nice to have, but a necessity.

Watch the video on this strategy

Communicating About Your Financial Future with Your Family

In my household, I am the one with more financial knowledge. I am a financial advisor after all! But in the past, when my business was starting to grow, I hid all my big financial dreams away from my wife. I felt they were unrealistic at the time and said to myself, “Why would she care?”

For my wife’s part, she loves to travel and to see the world, so she saves all her money towards enjoying a big vacation (or a few).

This plan worked at first.

We stayed in our own lanes. But eventually, it started creating friction. I focused on saving money to grow my business and put toward our family home. Being self-employed, I don’t have a regular paycheck so this is a major consideration when it comes to taking time off for a vacation. Travelling wasn’t a priority for me the way it was for my wife.

So, can you guess what happened?

Of course, my wife started to have some resentment about not going on more vacations.

What I hadn’t talked about with my wife and what could have saved this friction, was my thought process behind “not wanting” to go on more vacations.

It wasn’t about not wanting to travel. I was stressed about taking time off and spending extra money while not earning an income.

This was a vicious cycle that we lived in each year.

A Brighter Financial Future is a Two-Step Process

It wasn’t until I joined Ocean 6 that I had a powerful realization that would shape not only my financial future but the course of my marriage as well:

Having clear goals is just the first step toward a successful financial future. Step two is actually sharing that with your loved ones.

As a successful business owner, I am sure you have a clear picture of what success or financial freedom looks like to you. But have you shared that same vision with your loved ones?

Creating Space for Financial Goals

Better yet, have you created space for your loved ones to share with you their financial goals as well?

Our goal-setting visualization is not just a free tool we offer to clients. It’s a crucial exercise to expedite your dream life with your loved ones.

When I work with couples I recommend doing the visualization separately and then coming back together to talk about their goals as a unit. You’ll find that a lot of the goals overlap, but some are more personal.

When we create this open communication with our loved ones, we get the support that we need to build a successful life together faster.

As cheesy as it sounds, consider this acronym for TEAM: Together Everyone Achieves More.

When we communicate with one another and work together toward a brighter financial future, everyone wins.

Use this Goal Setting Visualization to Plan Your Financial Future

Check out our goal-setting visualization. I recommend you do this multiple times throughout the year and start having a deeper conversation with your loved ones about your dreams and vision.

If you would like more help reaching your financial goals and you’re ready to create a clear path to get there, let’s talk. Click here to book a call, and let’s get started.

Did you learn a lot from this post? Here are three to read next:

Defining Your Financial Goals Beyond “Make More Money”
How to Use Financial Goal Setting to Fix Your Work-Life Balance
The People You Need on Your Financial Team