Smart Cookies

Here is the latest scoop from a recently released survey from American Express. 91% of couples in North American avoid money talks with their partner. 1 in 3 couples list finances as their biggest stress. How can we dissolve our financial stress by becoming smarter spenders?

Know your smartest way to pay. As a couple each person tends to have their own routine and beliefs about the best way to pay for purchases and how to manage money. The Smart Cookies believe in this day and age we all need a little plastic willpower. Cash and debit don’t offer the protection or tracking abilities as other plastic options. We opt to carry American Express Charge Card, because it keeps us accountable to pay off our bill at the end of every month. We can also easily track all our spending and manage our finances with our partner using the online Money Manager tool, which is available to all Charge Cardmembers.

Do not hide purchases or misrepresenting your spending in your relationships Smart Cookie Katie used to sneak new clothes into the house in dry-cleaning bags so her husband wouldn’t find out. What she soon realized was that these spending splurges were made because there weren’t any clear guidelines to spending. Now each of the Smart Cookies has a built in monthly amount allotted for different clothing, dining and discretionary purchases so they no longer feel like they need to hide or lie about spending.

Know your spending threshold as a couple Set a dollar amount at which you consult with your partner before you buy. For the Smart Cookies this amount is $250. When purchasing decisions are made together this helps to build communication as a couple and avoid situations of resentment or retaliatory spending.

Know Your Rather Factor as A Couple Make a list of approximately six things or experiences that you both give yourselves permission to spend on and build your savings towards. These are things that bring the two of you joy, things or experiences that you LOVE. This is often a great exercise for couples because you talk about what you CAN spend your money on, not what you can’t.

Plan a Money Date Take a night, pour some wine and treat yourself to a nice dinner after wards, but take the time to sit down and review your spending for the past month and check into see how close you’ve been able to get to shared savings goal. Are you saving for a trip, a new home? Now is time to renew each other energy to help get you back on track!

What’s your strategy to reduce your financial stress as a couple? Let us know your ideas!

And good news cookies, our second book, Smart Cookie’s Guide to Couples and Money is now available in the US, get your copy today!

And if you ate up this delicious cookies, please dig into:

Dating and Debt, How to Have The “Talk”

5 Money Questions Every Couple Needs To Answer

Here’s to earning more, arguing less and achieving the life you want together!