What Could Financial Planning Do for Your Marriage?

In all the years that we have been offering financial planning, we have helped hundreds of married couples with their finances. While you don’t often think of financial planning as a marriage building tool, we have gotten to see firsthand the impact that it can have on a relationship. What we have seen with our own eyes is only the tip of the iceberg, as only those in the marriage can know how far-reaching the repercussions are for couples and their families. Luckily, our clients have opened up about how financial planning has impacted their marriages. We give glory to God for using us in such a powerful way. The following examples are based on real client experiences and the things they have shared with us that we otherwise would not have known about their relationships. 

Get On the Same Page

A frequent desire that our clients express when they come to us for a comprehensive financial plan is to get on the same page as their spouse. It’s common among married couples for one to manage the finances. Who takes on this role isn’t dependent on gender or profession. Even being a CPA doesn’t preclude your spouse from handling the finances, as we’ve seen.

A comprehensive financial plan aggregates your entire financial life and lays it out in one cohesive picture. For a married couple to be able to look at that, together, can be powerful. Together, you can see everything you have, where you are, and the path to where you want to be, all from the same perspective. With Guide Financial Planning’s explicit biblical approach to finances, you’ll also learn to integrate your faith into your financial life together. Getting on the same page financially in this way brings unity to a marriage and shared understanding. 

Bridge the Communication Gap

Have you ever felt uncomfortable with a situation but were unable to explain, or sometimes even understand, why? That can happen for the spouse that doesn’t manage the finances or is less knowledgeable about finances. Whether you feel a check in your spirit or things just don’t seem to add up, you don’t want to make that financial move or investment. However, you don’t have the words to explain it, so you go along with your spouse (or are pushed along) even though you’re uncomfortable. Situations like this can start to drive a wedge between spouses and affect their lives far beyond finances. 

Having a financial planner on your team can protect against that happening. With their holistic training, a financial planner can often see the blind spots of the money-managing spouse and help prevent them from straying into danger. Where one spouse may only have a sense that something is not a good idea, a financial planner can often identify the problem and explain why it is not a good idea in concrete terms.

On the other hand, sometimes it is a good idea that the non-financial spouse isn’t comfortable with. While the financially-minded spouse might be correct in the direction they want to go, they don’t know how to educate their spouse as to why and explain it in a way that will get them on board. As financial planners, we spend a lot of our time explaining complicated topics in ways that make them easy to understand. We can bridge the gap in knowledge and understanding between spouses to help them reach agreement and mutual confidence in their decisions. 

If we’re truly honest with ourselves, sometimes communication in marriage is hard simply because of the past history we share and the emotions that come along with it. Sometimes, having a financial planner involved in a discussion isn’t valuable because of what they say or how they say it, but simply because they are a neutral third party that is not emotionally involved in the relationship.

Love Your Spouse After You’re Gone

Having an ongoing relationship with a financial planner is a good way to love your spouse well even after you’re gone. If you are the one that handles the finances in your marriage, what will happen if you’re the first to go? Does your spouse have the knowledge and interest in finances that you do? Are they aware of all of your accounts, how they are set up, how to transfer them as an inheritance, and how to manage them? Often, the answer is no. 

We have helped a number of new widows piece together their financial life after the loss of a spouse. It can be very stressful and exasperating to do, especially in the midst of grief. We also have clients that are working with us on an ongoing basis with the expressed goal of preventing their spouse from having to do that. With a preestablished relationship and investments under our management, a surviving spouse is able to lean on us in their time of need, knowing that there is someone who is intimately familiar with their financial situation walking with them as they transition to singlehood. 

Reduce Financial Stress

Up to this point, we have assumed that one spouse is interested and knowledgeable about finances. We know that is not always the case, though. There are plenty of marriages where no one really wants to handle the finances or knows how. This can lead to a lot of financial stress, which can be detrimental to a marriage. In a recent study, 20% to 40% of all divorces cite financial problems as a contributor. Among Generation X, finances are the primary reason for divorce at 41% and among Baby Boomers it is 29%. 

What can you do if neither of you wants to manage your finances? Outsource! While you cannot outsource all of your financial responsibility and tasks, working with a financial planner can still be a game changer. Having a professional that is watching over your finances and making sure you stay on track can lift a huge weight off your shoulders and reduce your overall stress levels. You can have greater confidence in your finances and more capacity to do the things that are most important to you. 

Working With a Financial Planner

Whether you’re trying to get on the same page, delegate more responsibility, or set your spouse up for success after you’re gone, working with a financial planner can be a smart move for your marriage. At Guide Financial Planning, we offer both ongoing financial planning and one-time engagements, so we can meet you right where you are. To learn more about how we can help your marriage and family, schedule a free introductory phone call today. Flowers fade, chocolate becomes mere calories, but financial planning can have a lasting impact on your marriage.  

About Guide Financial Planning

Guide Financial Planning is led by founder Ben Wacek, who is a Christian fee-only Certified Financial Planner® and Certified Kingdom Advisor®. He has a passion for helping people of all income levels make wise financial decisions and steward their resources from an eternal perspective using Biblical principles. Based in Minneapolis, MN, he works with clients both locally and virtually throughout the country and abroad. You can follow the links to learn more about Guide Financial Planning and our team and the services we offer.