Lesson 2:  Healthy Relationships and Money

Along this journey, we have uncovered our own money history, beliefs and habits, but it’s also important to know that our partner, friends and family may hold differing goals, beliefs, attitudes and values on money and abundance.

Whilst it would be nice if both ourselves and our partners were on the same page when it comes to money; opposites attract which means it’s likely in our relationship that managing money may come more naturally to one than the other. In which case it’s better to work as a team, rather than against one another.

Whether we’re in a long-term relationship or entering a new relationship, having open discussions about money can build trust.

Many of us are disconnected when it comes to communicating about our finances with our loved ones.

Many of us find it difficult to be completely honest with each other about our finances.

This disconnection is often fear-driven. We’re so afraid of being judged or criticized for our spending habits or past behavior with money.

#Truth: According to a study by Money Magazine, the one thing that nearly all couples fight about is money and stats show that finances are a leading cause of divorce. Arguing about money and finding it difficult to come to an agreement on important financial decisions can cause problems in marriage.

Open and honest communication with your partner is an essential step in building a solid and connected partnership. Communicating about the following things can help create transparency and ensure you’re working together or at least creating a better understanding:

If we’ve made mistakes with money or decisions we’re not proud of, remember it is water under the bridge, and we can’t change this no matter how much we may want to. So rather than focus on what has happened, we can focus on today and putting in place healthy habits to create a more positive tomorrow as a couple.

If it’s difficult to agree on our finances, or we constantly argue with our loved one about money it can be super uncomfortable and stressful. If it’s difficult to talk to our partner without getting upset or angry, we can try involving a third party such as a financial planner, accountant or financial coach. Often having someone else present can help mediate and bring clarity and perspective to discussions and help couples come to an agreement.

Teaching Children about Money & Wealth

Managing money is a very important life skill.

As we know we’re not often taught how to create authentic and healthy relationships with money at school and the messages that social media, television and society are sending our children isn’t helping them either. So when it comes to our children we play a pretty important role in helping them master their future relationship with money.

Children often pick up on a lot more than we think so it pays to be mindful on how we act around them and communicate with them. The best way to teach children about money is to be a good role model.

As we discussed in module two, our beliefs and habits with money are picked up from an early age and often from our families, schooling, our community and the media. Learning to rephrase messages for children can be a simple as replacing, we can’t afford it… to, it’s not a priority for us at the moment.

When it comes to teaching children about money there are 10 key concepts to create healthier attitudes and relationships:

For children of the current and future generations it may be even more difficult for them to have a connection with money given their relationship with it will be primarily be via the internet, ATMs and eftpos facilities which can result in a disconnection from the concept of what money truly is and how to use it appropriately.

Move on to Lesson 3