The Psychology of Money- 5 Ways Couples Can Improve Their Financial Literacy

Let’s face it — the world isn’t how it used to be. In decades past, couples could graduate from college, enter the workforce, and put a down payment on a home with relative ease. Today, however, things have gotten a little more complicated. 

From the rising cost of homes to uncertainty in the job market, couples today have to be on the ball in order to find financial security. Thankfully, becoming financially literate is well within reach for any couple willing to put in the time. By taking advantage of some key tips, finding one’s way to financial literacy can feel easier than ever before. 

Here are five ways couples can improve their financial literacy. 

Financial Therapy

It’s more than likely most couples have heard of couples’ therapy. Well, much like there are therapists trained to help people cultivate better relationships, there are therapists out there trained to help people develop financial literacy. 

These professionals are called — you guessed it — financial therapists. Part emotional supporter, part financial counselor, financial therapists are equipped with the skills to help anyone develop a better relationship with their bank account. 

The reason that financial therapy is so effective is because it came about from an insight that most people make monetary decisions based on emotions, but most financial consultants aren’t trained in therapy and most therapists aren’t trained in finance. 

As pertains to couples, financial therapy offers the chance to set financial goals and shift attitudes toward money as a team. For couples looking for ways to equally contribute to developing financial literacy, financial therapy is a potent option that can make a significant impact. 

#Take Time to Study… Sometimes

While it would be nice if a Matrix style machine existed that could download lessons into our brains, unfortunately, technology hasn’t gotten there yet. The truth is, if one truly wants to learn something, there’s no substitute for putting in the time and studying. 

This being the case, couples who earnestly want to cultivate financial literacy must set aside time to study. However, studying doesn’t completely derail one’s schedule and way of life. 

For most couples, watching some TV or reading at night is a deeply ingrained habit that feels second nature. While these may not seem like the most productive habits in the world, they can be with some slight alterations. 

Instead of watching TV or reading for leisure five days a week, why not do it just three? With the other two days, make it a point to watch programs or read books that contribute to one’s financial literacy. 

By tweaking their schedule ever so slightly, any couple can put themselves on course to grow their knowledge and become impressively financially literate. 

Understand the Psychological Forces Behind Spending Habits

Though we may feel convinced that we need to budget our money wisely and save for a rainy day, oftentimes, we don’t. Why? While it would be nice if there was a once-size-fits-all answer to this question, the truth is that the answer is different for each of us. 

To genuinely reach an advanced level of financial literacy, it’s necessary for couples to take a good hard look at their own spending habits and discover the root causes behind their own irresponsible spending. 

For some, buying clothes may be a way to satiate a desire to look beautiful. For others, eating out may be a way to quickly combat negative feelings of stress leftover from the workday. Whatever the reasons, couples must take a deep look at their habits in order to alter the way they spend and save. 

Before really diving into this venture, it can help couples to brush up on their knowledge of different types of psychology, such as applied psychology vs. clinical psychology, to gain a keener understanding of psychological principles. 

Once couples have a clear understanding of why they sometimes act in ways that are counter to their monetary goals, it will be easier and more straightforward to remedy these issues. As such, any couple looking to strengthen their financial literacy can start by examining the psychological forces behind their own spending habits. 

Take Advantage of School and Courses

Now for many couples, schedules are hectic due to work and family obligations. However, for those truly committed to developing financial literacy, school can be a great option to gain a fundamental understanding of money and how it works. 

While going to school can be obtaining a degree, it doesn’t have to be. There is a plethora of online courses on financial literacy along with books, tapes and other resources meant to help people learn about money. 

Another great option is taking advantage of local community colleges which will typically offer courses in economics and accounting for a relatively low cost. 

While it’s not necessary to go to school, couples looking for a more structured approach to becoming knowledgeable about finances can find it in school and courses. As such, finding an educational resource to utilize is a great option for couples seeking to enhance their financial literacy. 

Set Financial Goals and Work Toward Them

Though this may seem obvious, a disheartening number of couples fail to develop clear financial goals to work toward as a team. Having clarity around what monetary milestones they want to achieve is key to any couple successfully becoming financially literate. 

It’s important that financial goals are concrete and have a clear time frame rather than be vague such as “I don’t want to have to worry about money in the future.” By making goals clear, it becomes easier for couples to create a gameplan and accomplish their financial goals. 

The act of working toward specific financial goals will naturally make anyone more financially literate. This is because one will learn things as they go, slowly cultivating a deeper understanding of money-related processes. 

Accordingly, any couple intent on advancing their financial literacy must set and actively work toward concrete financial goals. 

Financial Literacy Is Within Reach 

Though starting the journey toward financial literacy may seem intimidating at first, taking some key steps can make the process far easier. If couples engage in financial therapy, take time to study, understand the psychology behind their spending habits, take advantage of courses, and set financial goals, there’s nothing that can stop them from becoming finance whizzes.