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Talking to Your Spouse about Money

Posted by Shanna Tingom, AAMS® on May 17, 2016 4:21:58 PM

When it comes to talking to your spouse about money, don’t be afraid to ask the tough questions. You might be surprised at what you learn or how you can help them gain a better understanding of finances. You’re setting your marriage up for success. If you can communicate about money, you can talk about just about anything.

Getting through tough financial times takes patience, faith, planning, communication, and teamwork. It isn’t easy but it’s worth it. Take it from me.

My Story about Money

I met my husband Eric in 2003 when his business was still recovering from the economic impact of 9/11. He’d had to lay off staff, sublease his office, and take on more work himself just to dig out of the hole that was created when all of his government contracts disappeared. As a result, he was afraid to spend money beyond just paying the bills.

At that time I was in the mortgage business which was booming. The national mortgage company I worked for was growing and money was flowing faster than we knew how to spend it. It felt like the ride would never end.

The mortgage business could never dry up, right?? People would always want to buy houses.

Or so we thought.

In 2004 Eric and I got married. We paid off his remaining debt with money from his checking account and renovated a house I had just purchased. We began applying budgeting principals from Dave Ramsey’s Financial Peace University. We used the envelope system, stuck to a budget, saved, and invested.

By 2007 we were in a good financial position but I felt something was amiss in the mortgage industry. We started stockpiling cash on a hunch that the economy wasn’t as good as the evening news was leading us to believe.

It’s good to listen to your intuition, that voice in your head, that feeling that you get, especially when it comes to the wellbeing of your family.

We experienced the burst of the mortgage bubble in 2008 when both of our businesses came crashing down. The global financial crisis left me getting laid off and Eric losing his biggest contract in the same week. It was rough but we had planned ahead so we had a stockpile of cash to get us through.

We moved from Arizona to San Francisco for two years. It wasn’t an easy decision but we made it together. When we got back to Arizona, I knew it was by the grace of God, planning, and communication that made it all possible.

Not only are we better business people as a result of what we went through, we’re a better couple. And that’s what matters.

If you and your spouse are ready to talk about money, I encourage you to make an appointment with me, Shanna Tingom, at Heritage Financial Strategies where we make money fun.

Call 480-397-1184 today.

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