Save Money By Playing to Your Strengths
If you’re married or in a committed relationship, you’ll never save more or spend less money unless you’re working together. But it’s not just about both of you being on the same page and creating a budget and a plan to get yourselves into a better financial situation. You also need to find what each of you is good at. What I mean is, how can each of you best contribute to your goals?
There are definitely big picture ideas that you both need to be focused on, such as earning more and spending less, but how, exactly do you propose to do these things and what will each of you specifically do?
Earning More Income
This is probably the best way to improve your finances but each of you may have strengths and weaknesses when it comes to actually doing it. For instance, maybe you’re the entrepreneur in the relationship and your strength is creating and growing businesses. Maybe you’re skilled in making some type of craft that you can sell online.
Your partner, on the other hand, may have been wanting to get rid of junk that has been accumulating. They can start selling things on Craigslist or get ready for a garage sale. The point is that you can both work towards the same overall goal (earning more income), but approach it by doing what you’re better at or more motivated to do.
Spending Less
Chances are, you don’t share the same bad spending habits as your partner. One may get the proverbial morning latte, while the other may have a penchant for going out to lunch. Look for ways that you can cut out your own spending–don’t go after your partner’s.
Also, chances are if you’re reading this, then you have an interest in personal finance and may have a knack for coming up with ways to save money. Share these with your partner, but don’t overwhelm them and don’t expect them to agree with everything you propose. Everyone has different levels of frugality and you can’t expect others to be like you. In other words, don’t nitpick. This is one of the 10 Financial Mistakes in Relationships and I did this at first, but after learning a little, I’ve backed off. Trust me, its better for your relationship and your finances in the long run.
Other Things
I happen to be better at keeping track of our finances (at least most of the time) and researching options for retirement, savings, insurance, investment, etc. It’s just interesting to me, and I have a little more free time than my wife, so I’m glad to take care of it. It’s what I do.
So make sure and find the ways that you can personally contribute to your family’s financial well being. Getting your finances in better shape is going to take a joint effort, but it all starts with you. It’s like putting your savings where it will get the best interest. Remember this, and focus your energy where it will get the most return on your investment.
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