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Want Financial Harmony? Keep Emotions out of Financial Decisions

05/15/24

When starting a family, life can begin to accelerate quickly, substantially increasing the number of financial decisions young parents have to make each day. Couples, who are not prepared for the rash of decisions, often find themselves in a defensive mode, reacting with emotional responses that are more likely to result in bad outcomes. Decisions made with purpose, based on shared values and goals, generally produce better outcomes; or, if they do turn out to be wrong, there is at least some rational basis that can be used to learn from the mistakes.

It’s much easier said than done, but couples should try not to make decisions under emotional stress. Couples who take the time to discuss their goals, values and beliefs about money and agree on a specific path to follow are better able to keep their emotions in check when they are confronted by financial decisions. If they have a goals-based plan in place, decisions can be made based on the plan and not how they feel at a particular moment. All they need ask is, “will this decision get us closer to our goal, or will it take us off course?”

Decisions formed by emotional reflexes can lead to chaos and confusion, which is how financial disagreements arise. Decisions based in a purpose are made with confidence and conviction, which is the basis of financial harmony.

Personal – Saving, Planning & Budgeting

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This article contains general information only. Sunflower Bank is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. This article is not a substitute for such professional advice or services, before making any decisions related to these matters, you should consult a qualified professional advisor.