InFluential_Magazine_March_April_2017

influential-magazine.com
Psychological Association, almost a
third of adults with partners reported
that money is a major source of
conflict in their relationship.
“What I see when talking with
couples is that learning how to
resolve money disagreements -
and there will be disagreements -
helps build important relationship
skills,” says Daniel Prebish, director
of Life Event Services with Wells
Fargo Advisors. “Those skills will be
valuable both at the beginning of a
relationship and likely for a couple’s
entire time together.”
It Helps Couples Connect by
Understanding What’s Going On.
Couples should discuss pros and
cons of combining finances versus
keeping finances separate. According
to research by Wells Fargo & Company,
about half of couples choose to
combine accounts, while the other
half prefers separate accounts.
Regardless of where you and your
significant other fall in this spectrum,
both people in a relationship should
understand how their financial habits
impact - positively or negatively - the
life they are building together.
It Helps Couples Track Their Short
and Long Term Financial Goals.
Be open with your significant other
about your full financial picture.
Questions that can help open the door
to meaningful conversations include:
1. Are we paying ourselves first?
2. Do we have a safety net?
3. Are we paying all our bills on
time, every time?
4. Have we reviewed our insurance
needs in the last year?
5. Do we track our spending to
know where our money is going
every month?
6. Are we paying down highinterest-rate
debt first?
7. Do we know where our credit stands?
8. Are we saving for retirement?
It Helps Couples Afford the
“Extras” That Make Life Fun.
Building a solid financial future
shouldn’t mean forsaking enjoying
life. When couples have a common
understanding of how they’ll
prioritize and manage their dayto-day
finances like housing costs,
grocery and utility bills, it’s easier to
figure out where splurges fit in.
It Helps Avoid
Financial Surprises.
Hearing your friends shout, “happy
birthday” is a welcome surprise.
What’s not welcome is suddenly
discovering you can’t afford to pay
this month’s bills or that retirement is
farther away than a pot of gold at the
end of the rainbow. Being up front
about money issues and sharing
complete financial information with
your significant other helps avoid
financial surprises that can add
unnecessary stress to a relationship.
While discussing money may
not feel romantic, it certainly is
emotional. So how do you get
started? Here are tips:
1. Admit the conversation can
feel awkward, but commit to
having it anyway.
2. Pick a mutually agreeable time.
Your candle-lit Valentine’s dinner may
not be the right setting. Pre-arranging
the conversation will help ensure both
people are mentally prepared.
3. Be open with your significant
other. Share your values and
opinions about spending and
savings habits and goals you would
like to achieve together.
4. Work at it. Commit to an annual
meeting to talk about money, credit
and whether you’re on track to
achieve your financial goals.
By opening the lines of communication,
you can get on the same
financial page before joining financial
forces.
(This article was written by Wells Fargo
Advisors and Consumer Lending)
Wells Fargo Advisors is a trade
name used by Wells Fargo Clearing
Services, LLC and Wells Fargo Advisors
Financial Network, LLC, Members
SIPC, separate registered brokerdealers
and non-bank affiliates of
Wells Fargo & Company. Wells Fargo
Consumer Lending Group provides
products and services through Wells
Fargo Bank, N.A. and its various
affiliates and subsidiaries. Wells Fargo
Bank, N.A. is a bank affiliate of Wells
Fargo & Company.
Findings were a part of the 2016 Wells
Fargo &Company’s “How American
Buys and Borrows” survey. Over 2000
American adults ages 18 and older
were surveyed. Survey results were
not published in their entirety. (BPT) l
MARCH / APRIL 2017
FLUENTIAL
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