Couples & Money - Getting Financially Naked

One of the best things I’ve had the chance to do in recent memory, is attend FinCon.

FinCon is a huge conference where money & media intersect. I got to spend four days sharing knowledge about the financial ecosystem, and learning about how to leverage media to reach the people you want to help & work with. Amazing, educational trip - and I made some interesting contacts along the way.

One thing I’ve loved is how transparent the community is in their willingness to help, and ask for help.

Through that community, I had the pleasure of connecting with Lindsey VanSomeren about a piece she was working on for the Qube Money blog. She was researching how much discretionary spending should be factored into a couple’s monthly budget - without the other party being able to dictate how that money gets spent. Think of it as petty cash, or a slush fund that your spouse or significance other has ZERO say over. What’s the limit? $50? $1,500?

Obviously, the answer varies greatly depending on the size of the budget, and is probably more frequently quantified as a percentage, not a dollar figure. But whatever the number is, the most important factors in this line item are open discussion, agreement & equality. Annual, quarterly or even monthly ‘meetings’ between spouses to discuss money can pave the way to becoming ‘financially naked’ in your relationship. Which, in my opinion, is definitely in the top two types of naked.

Other contributing factors can be existing debt (maybe don’t have a $200 shoe shopping budget if you’re in a heap of credit card debt?), and personality types (one is a spender, the other a saver) - but the true key is open dialogue and mutual agreement.

Honesty and transparency are the key to any healthy relationship- why should you treat your money any differently?

Check out the article here.