3 Tips for Financial Communication

Our first tip is for couples who aren't yet on the same page financially. The only thing that convinced Matt to join me in our aggressive mortgage payoff was when he saw the progress we were making every month.

1. Let your spouse see the plan work.

• Don't nag
• Don't manipulate
• Work the plan to the best of your ability
• Talk about your progress at the end of every month

You may think that Matt and I have been on the same page about finances from day one, but we haven't! I took Financial Peace University without him at the beginning of 2017. He had volunteered to stay home with Charlotte and have some time to get things done at home after work, and since I handled the finances anyway, we both thought this was a decent plan.

After every class I would come home and excitedly recall the principles and Bible verses we had gone over, and the new ways my eyes had been opened in different areas of finance, and after every class he would listen and nod appropriately.

Once the class was over, I was ready to do everything I could to pay off the mortgage! Matt? Matt was, well, fine with us paying off the mortgage, but not motivated to make any extra income toward it himself. We were two oxen, in the same yoke, and I was pulling as hard as I could towards a goal, while he felt tugged along (and I felt like I was tugging him!). For a couple of months, I did everything I could to cut back the budget and apply more money to the mortgage. I spent less on groceries, stopped going shopping (even at thrift stores), and put all of the extra money straight on the mortgage.

At the end of every month, I would show Matt the progress we had made towards the mortgage. After a few months of watching chunks taken out of the mortgage principal, Matt got excited about the progress we were making and wanted to make progress faster. He started picking up side jobs, finding things I could sell online, and pulling hard towards the goal with me. The two of us working together on this goal has made a huge difference in our progress towards debt reduction.

I have other friends with the same testimony. When you aren't on the same page with your spouse in your financial goals, do what you're able to do on your own and show them the progress you've made, without pushing them to join you. I've seen this simple act move multiple families toward unity and debt payoff!

      2. Use visual aids to show your progress.

• Have a visual with the numbers you're working toward
• Keep this visual where you, and others, can see it
• Color in your visual, together, once a month

When you start paying off debt, the bank isn't going to send you letters of encouragement. In fact, no one will say, "Whoah! You did an awesome job sacrificing and prioritizing this month to move towards your goal!" So, if you want encouragement, you'll have to encourage yourself (and each other). We've been using Debt Free Charts free printable, but in the last year she has started charging for some of her charts (some are still free!). You could just as easily make something yourself with lines you color in every time you pay off a new hundred or thousand (depending on how large your debt is).

This visual aid is a huge boost at the end of the month. You've been working hard all month to spend less and make more, and when you put that money toward your goal and you're able to color in the next lines and see visually how much progress you have made, it's a huge boost as you begin working toward the next month!

    3. Purpose to sit down every month and reassess.

• Look at what's coming up next month
• Talk about what you accomplished last month
• Look at your short-term and long-term goals

If you want to have success financially, you have to tell every dollar that comes into your hands where to go. Any money that you do not assign to a job before you receive it, will float away into someone else's pocket. In order to give every dollar a job, you have to communicate with your spouse before the money comes into your hands. So before the new month begins (hint hint, it's time to do April), you look at your expenses for that month. Most categories don't change. Yes, I'm talking about a budget.

You'll have to think about what you have going on this next month that is different from this past month. Maybe you have a couple of birthday presents to buy, or you need add a couple of bucks to your grocery budget for the Easter dessert you're supposed to bake.

Also, during this meeting, you need to look at the progress you've made toward to your goals! Talk about the numbers. Say them out loud. "We paid off $3,000 this month! That means we only have $46,000 left on our mortgage!" Say it out loud. High five. Celebrate your hard work. This is also a good time to color in your visual aid.

Take the time to talk about your short-term and long-term goals. Are you saving towards your next car? Are you investing? Are you building up your emergency fund? Talk it out. Make sure you're on the same page with your financial priorities.

These three tips have helped our family hit huge financial goals and stay on track! We owe less than $47,000 on our last debt, our mortgage. See you at the finish line!