Financial Advice on TikTok
We asked financial advisor Sam Martinez to watch a TikTok on financial advice for married couples. He’s here to react and share his thoughts!
Pooling Your Money Together
A recent study looking at 38,000 participants, found that couples who put everything together are happier and less likely to break up. Older generations usually put everything into one big pot. People who get married young usually default to this. When people marry later, their finances are already established, and things get tricky.
Start Small with Fun Accounts for Couples
A good way to ease into sharing finances if you’re worried or have concerns is to create a fun account. An important part of your financial plan as a married couple is talking about your values and non-negotiables. One of those values should be to have fun, both as a couple and alone, and create beautiful memories.
A fun account is very effective at relieving unhealthy tensions in relationships. Furthermore, couples are often so preoccupied with saving money for their future goals and/or their children that they’ll never do anything fun together. This might make them feel resentful because they’re always sacrificing their well-being either for other people or for some distant future goal.
Even though investing and saving are extremely important habits to maintain, everything can’t always be about the future. Living a rich life now should also be part of your goals as a married couple. Having a fun account reminds couples that they shouldn’t always postpone their happiness to the future.
Talking About Money with Your Spouse
It can also be helpful to know your spouse’s money story and love language. Understanding the connection between money and love languages will be great for your relationships, your marriage, your personal understanding of what you need, and how you respond to money decisions.
There are some rare situations where you might be able to keep you and your spouse’s finances separate and find success, but in general we see most couples find success when they share everything and co-mingle their finances, and act as a team.
Not sure where to start? Click here for some tips on how to have money conversations with your spouse!