Couples & Money & Credit Counselling Society

Transcription

1 Couples & Money & Credit Counselling Society Top Reasons We See for Financial Trouble 1. Unemployment / Underemployment 2. Excessive use of Credit or Using Credit for Living Expenses 3. Injury / Illness 4. No Budget / Lack of Financial Education 5. Separation / Divorce and Family Expenses 6. Failed Business/Used Credit for Business Expenses 7. High Housing Costs Agenda Money History Money Values Goal Setting Decision Systems 1

2 Objectives By the end of this session, you will be able to: Describe your own money values Describe your partner s money values Develop a way to communicate effectively Set a plan for the future Scary Stats Money issues are responsible for 22% of divorces 36% of people in a relationship are uncomfortable talking about money Couples fight about money twice as much as they fight about sex 70% of married couples fight about money Money History What were you taught about money growing up? How did your parents handle money? Who handled the money? Who spent more? Saved more? What were some common money messages in your home? 2

3 Money and Me What does money mean to me? Is this how I want to feel about money? If not, what can I do to change my relationship with money? Money Values Safety & security Freedom Choice Ability to give back (charity) Recognition of success & value Independence Comfort Money and My Partner Does my partner have a different relationship to money than me? Is it more or less positive than mine? Does our individual relationship with money create tension or happiness in our relationship? Are there issues we need to resolve? 3

4 Money Values What happens when your money values aren t the same as your partner s? Money Values Knowing about each of your money values gives you: The understanding that your partner isn t making money decisions just to make you mad They re making them because they align with their values. Money Goals What do you want in: The next 12 months? The next 3 years? The next 10 years? The next 25 years? 4

5 Money Goals It is common to have different financial goals than your partner What steps could be taken as a couple to reconcile the different goals? Whose goal(s) get priority? Money Goals Complete the following : I want within the next 12 months. This is important to me because. By doing this, my value of is being met. This goal is in line with our needs and my partner is in agreement. Money Management Skills On a scale of 1-10, how would you rate your skills in: Creating financial goals? Tracking expenses? Dealing with irregular & seasonal expenses? Creating & organizing savings? Planning for your financial future? Taking care of stuff (insurance, estate, etc.) 5

6 Money Skills Can Be Learned If you don t know how to do some or all of these things: Visit mymoneycoach.ca Take a webinar Download free resources Take a workshop at your local library Read money books Check out various online resources Money Decisions Do you both need to have the same skills? Do you both want/need to do the finances? How much do you want joint & separate? Who is responsible for what duties? How will you communicate this to each other? Everything Together All accounts are joint All income is deposited into a joint account Important to ensure that both people are using the accounts responsibly and equitably Requires trust and communication 6

7 Everything Separate All accounts are separate Certain expenses are covered by each person Ensure division of responsibilities is equitable Requires trust and communication Ensure that both people are on the same page and headed in the same direction Hybrid Some accounts are joint, some are separate Joint accounts for fixed expenses, cash/variable expenses, and savings Separate accounts could be for allowances or designated payments Requires trust and communication 2 nd Time Around Things to consider: Additional money history What do you want to do the same and/or differently? If there are children (young or grown up), how do you want to handle dayto-day finances? Estate planning? 7

8 Financial Systems To Make Life Easier Agree on a budget Automatic payments Multiple savings accounts Spending accounts with an allowance Tracking systems Specific times to review and discuss A Financial Agreement Couples can agree: To never let a thing be more important than the relationship To listen, and talk openly and honestly about money A Financial Agreement Couples can agree: Our behavior is dictated by our values It s not personal Skills take time to build 8

9 Conclusion Now you are able to: Describe your own money values Describe your partner s money values Develop a way to communicate effectively Set a plan for the future Money Tips Remember: our partners aren t making money decisions to intentionally upset us Communication is key for couples and money Give each other an allowance for judgment free spending Never let a thing be more important than the relationship Free tools and resources available at: Learn More Sign up for our monthly newsletter Check out our social media for daily tips and articles Facebook Twitter Instagram 9

10 How We Help Book a free financial consultation with one of our Credit Counsellors Message us through our online chat NoMoreDebts.org Do one thing today to better your financial tomorrow NoMoreDebts.org We Help. We Educate. We Give Hope. 10