Are Your Finances Wrecking Your Love Life? Maybe.
When’s the last time you argued with your significant other about money? Probably not that long ago. Compared to previous generations, Millennials have it a little harder. Growing up in an ever-evolving, technologically advanced world, never having to touch a landline or possibly a desktop computer, not having to make a phone call to order a pizza or find a date, has to be hard—really hard. Fusing technology and fiscal responsibility might be easy for vested generations with healthy retirement plans, but not also so for Millennials.
Financial woes are known to cause stress. Add that stress into any relationship and it’s bound to cause romantic problems. By changing just a few financial habits, there are ways Millennials may benefit and get back to advancing their Klout scores and impacting technology, all while finding love in the process. Studies by Northwestern Mutual (2015 Planning & Progress study) offer strategies to “build a better relationship with your finances.”
- Make a quarterly date with your financial plan: According to Northwestern Mutual research, among those Americans who’ve created a financial plan, only a quarter review it on a quarterly basis. This could be a missed opportunity to reconnect with your financial resources and objectives and adjust to changing needs and market developments.
- Talk it out: Research shows that people prefer discussing death and intimacy more than money matters. Four in 10 Americans have not spoken to anyone about retirement planning even though it emerged as a key concern. Candid conversations with loved ones about financial priorities are essential to remaining faithful to your retirement and lifestyle goals. Moreover, depending on your challenges and/or objectives, you may want to consider getting guidance from a professional.
- Plan a 30 year vacation: If packing for two weeks away can be challenging, imagine preparing for a 30-year-vacation. As life expectancy increases, that’s essentially what retirement could be for many Americans. Your “luggage” or financial strategy has to accommodate routine expenses like food and shelter, healthcare costs, lifestyle needs and perhaps even a legacy for your loved ones or favorite philanthropy. In an age of ebbing social safety nets and rising costs, proactive financial planning is your ticket to having the flexibility to shape the retirement experience you’ve worked hard to enjoy.
- Shed the debt weight: If you’re like 31% of Americans, your financial happiness may be hamstrung by debt baggage. Revisit your budget and create a strategy to commit to a smaller number of credit cards and lighten your loan load as much as you can.
- LTC is just TLC spelled differently: The U.S. government estimates that 70 percent of adults 65 or older will require some form of long-term care (“LTC”). Northwestern Mutual’s C.A.R.E. (Costs, Accountabilities, Realities, Expectations) Study suggests that the financial implications of caregiving can be quite sobering – potentially accounting for a quarter of a caregiver’s monthly budget. Tapping into savings/retirement funds and/or reducing discretionary spending are common ways of managing the financial demands of caregiving. This approach, however, could actually create more stress given it may impact lifestyle and future financial security. Proactively exploring options for long-term care planning can mitigate the pressure around care decisions for you and your loved ones.
Once you have a better relationship with your finances, you might be better prepared to get out there and meet that special someone. Then, it should be relatively easy. So when sometimes you need to get some help meeting people, so you turn to friends or technology to help you and that works. So if you’re experiencing problems trying to get your finances on back on track or even trying to grow your wealth, turning to financial professionals should be just as easy—and it is! Build your secure future by contacting a financial professional today.