Be a Team Player – Coordinate Finances With Your Spouse
Draw on the strength of your personal team. Have a monthly huddle with your spouse or partner to make sure you’re both heading in the same direction. Review your expenses, talk about your successes, find ways to top up your savings, or revise your budget.
There are strategies that make managing money as a couple easier. However, if you’ve fumbled the ball, pick yourselves up and ice your bumps and bruises. Kick a bad financial habit and score yourselves an extra point for working together when you’re down.
As you work together with those involved in your household budget, play to each person’s strengths. One of you might be better at managing the day-to-day and the other at keeping on top of investments for your long-term goals. It’s even better if one of you takes on the position of tight end for your team. That makes them the person who jumps in and blocks a play before things get rough financially, or runs with the ball when they see an opportunity.
When it comes to our money, a tight end is one of the best ways to stop money from leaking out of our bank account. The tight end can help keep us accountable to our budget, let us know when we need to reign in our spending, and help us stay focused on our strategy when the temptation to spend impulsively strikes. While a tight end is the flexible player everyone needs, they can’t do it alone. It’s important to work as a team to avoid the penalties that come with incurring a lot of debt.