5 Steps to Talk Money & Relationship During a Crisis
Hey, everyone. This is obviously a stressful and uncertain time for many if not all of us.
I’d like to share with you 5 steps to talk about money and relationships with your significant other during this or any other crisis. These steps will help you:
not argue about money,
stay on the same page, and
minimize your anxiety.
I hope you find them helpful!
Understanding: cultivate more understanding of yourself and your partner. Take time in quiet (if you can) to reflect on your feelings and thoughts about money, especially in this time of crisis. For your partner, try to listen to them and understand where they are coming from, as well.
Awareness: bring awareness to your current financial situation. Evaluate your income, expenses, assets, and debts.
Prioritize: especially among the debts and expenses, see what’s most important and essential. Think about this on your own, and then discuss it with your partner. See where you can compromise or build consensus and understanding.
Execute: based on the work you’ve done in steps 1-3, create a plan, and execute on that plan.
Revisit: check back in on your plan at least every 2 weeks. See if it still fits your feelings and situation. Update and revise the plan as necessary.
How are you managing your finances during this unprecedented time?
Want to level up your game around money in your relationship? My free quiz will help you learn your Couple’s Money Personality Type AND how you can grow from there!
Adam Kol is The Couples Financial Coach. He helps couples go from financial overwhelm or fighting to clarity, teamwork, and peace of mind.
Adam is a Certified Financial Therapist™, Certified Mediator, and Tax Attorney with a Duke Law degree and a Master's in Tax Law from NYU. He is a husband, dad, and musician, as well.
Adam's wisdom has been shared with The Wall Street Journal, the Baltimore Ravens, CNBC, NewsNation, and more.
