FINANCIAL CONVERSATIONS FOR COUPLES

Hosted by Virginia Credit Union in August 2020.

The webinar dissected into the subject of money which has been perceived to be a course of discord among couples. Sylvia Watford who was the presenter in the webinar suggested practical ways of building financial harmony in among couples. Silvia is a Senior Financial Education Specialist and her thoughts in the webinar were as follows:

Foremost, Sylvia Watford recommends partners to understand each other’s relationship with money, how they view it, their biggest financial concerns and their decisions regarding money that they are likely to agree with.

Secondly is value. What are your values and your partner’s values? Identifying your values helps you to identify your unconscious beliefs that control how you spend, this will enable you to align your money with values so as to accomplish your goals and dreams.

Brainstorm your goals with your partner, you can do this individually then jointly this gives room for negotiations and realizing what are your “SMART” goals as a couple. Sylvia Watford made this approach her fourth suggestion in the webinar that sought to educate couples on fundamentals of financial harmony.

Fifth is to constantly communicate and discuss your finances to eliminate distractions and hold each other accountable.

How will you manage your money? There  is no right way or wrong way, couples should have a conversation of whether they would love to combine everything , completely separate everything or have an hybrid plan where there is ours, mine and yours.

The webinar advised couples to assign roles on who will handle what in their common financial plan. Harmony as a couple is attainable if you keep  the end and the beginning in mind ,visualize success ,stay organized, be realistic ,monitor your progress, manage setbacks and reward yourself along the way.

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