Money can be a touchy subject for husbands and wives because most, if not all, of the decisions a couple makes each day involve money.
- Do you drink coffee at home or spend extra money at a coffee shop?
- What kind of clothing do you buy?
- What kind of car do you drive?
- Should you pursue a different job?
- Should you buy a new house?
- Should you spend less or more on groceries?
- Even your dreams for the future are impacted by your budget.
Money conflicts are inevitable in marriage. How well you navigate financial strain and differing perspectives about money will predict the health and longevity of your marriage. Tragically, 70% of divorcing couples cite money troubles as the reason for their separation.
This is an important topic for us to address, which is why I’m glad to have financial experts Taylor and Megan Kovar, a.k.a. “The Money Couple,” as guests on our Focus on the Family Broadcast “When Your Money and Marriage Clash.”
They say your money personality is the lens through which you view financial decisions:
- Saver – Loves saving money. Organized, responsible, and trustworthy about finances. Rarely spends impulsively. Avoids credit card debt.
- Spender – Lives in the moment. Uses money to make memories. Loves buying things for others. Gets a thrill from the purchase.
- Risk Taker – Big picture person. Loves finding adventure. Relies more on gut instinct than research. Not afraid to make decisions – and fast.
- Security Seeker – Investigates everything. Trustworthy and careful. Would rather sacrifice today than tomorrow. Prepared for anything. Always has a plan.
- Flyer – Not motivated by money. Content with life. Big on relationships. Happy to let someone else take care of the finances.
Strong money relationships don’t automatically develop in marriage. It takes intentionality to understand and appreciate them. The Kovars offer key strategies that couples can use to find financial consensus and compromise in marriage.
Taylor and Megan Kovar are authors, speakers, and financial planners who have a passion to help couples and families achieve financial freedom, a peaceful home, and a thriving marriage. Their book is titled The Five Money Personalities: Speaking the Same Love + Money Language. For a gift of any amount, we’ll send you a copy. (Check here for details.)
And while you’re online, why not take a few moments to try our free Marriage Assessment online tool? It will help you quickly determine what’s working well in your relationship and identify areas where you may need some improvement.