With our last blog post I announced the newest member of our team Eric Williams. There is power in having a team. Much more can get accomplished, other fresh and creative ideas can be discovered and victories can be shared and cherished together. Not only that but if someone on your team falls down (and sometimes that team member is you), they can be picked up and help get back in the game. So how does a team look like when it comes to your finances?
Whether you are single or married working as a team is vital if you want to win with money. As mentioned above there are many benefits to working as a team. Let’s take a look at what winning looks like when using the team approach.
…And the Two Became One:
When two people get married the preacher says, “Now the two will become one.” However, for some reason, becoming one financially does not exist very often. Consider these statistics according to Kiplinger.com (highlighted in the book “It’s Your Money” – What will you do with it? by Eric Williams)
- 61% – Financial discussions led to arguments
- 50% – Financial habits drive them crazy
- 75% – Financial secrets kept from partners
With those statistics in mind have you ever thought about the following questions?
- Do you have the same spending and saving goals? If not, how is that affecting your relationship?
- What if there is spending or saving the other spouse is doing that you are not aware of (even all done with good intentions)?
- What happens if the spouse that handles the finances were to pass away unexpectedly?
The good news is living separate lives financially does not have to be the case. In fact, it should not be! However, when you work together as a team, great things can happen. We receive many positive emails from couples that have begun working as a team and see results. Here is one example.
“The biggest thing that was bothering me is my wife and I were not on the same wave length on how to spend our money which caused stress in our lives. Justin taught my wife and me how to do a spending plan BEFORE we spent money every month. During that time my wife and I were actually able to get on the same financial goals and as a result lowered our arguments about money. One great thing about getting on a spending plan and getting coached by Justin is we found extra money every month to be used towards our long term goals like home improvements, vacations and other things we are saving for (long term and short term).”
Am I An Island?
Being single can definitely have its challenges and with finances there is no exception here. The good news is there is a way to still have the team approach in your situation. This is where we recommend having an accountability partner.
An accountability partner is someone you can trust that will hold you accountable to your goals. You want someone that will hold your feet to the fire, without being a jerk. You also want someone that will cheer you on and keep you inspired as you are walking in your financial journey. Here is what one of our clients shared about the immediate benefits of having an accountability partner.
“My accountability partner was awesome this morning! I think I have a strained muscle in my back and was thinking of getting a massage to take care of it and she told me “Nope, it’s not in your budget. I definitely think I picked the right person for this! I also wanted to let you know that since our meeting yesterday I have not spent anything, although I wanted to, I held back!”
How to Get Started:
The best way to get started is to do just that…START! As it has been said, the way you eat an Elephant is one bite at a time. Working as a team may seem like a big elephant in the room. However, as soon as you begin working together, within 30 days you will see massive change on how you approach your finances. If you feel paralyzed about starting on your own or you and your spouse are having a hard time getting on the same page, consider having a financial coach help kick start your new way of thinking. The sooner you start, the sooner you will see the results.
What are the hardest parts of working as a team with your money?
What successes have you seen working together as a team?
Have you ever tried working together as a team?