How to Manage Your Money as a Power Couple

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February 11, 2021
by Chelsea

Why You've Got to Listen to This Episode...

In today’s episode, I’m talking with power couple and financial educators, Tai and Talaat McNeely. They are passionate about helping you and your spouse or partner get on the same page so you can become tenacious about reaching your financial goals as a power couple.

We’re talking about dealing with bringing debt into a marriage, how to start money conversations with your partner, and how to establish your own family money values.

Moments You Don't Want to Miss

[4:12] Discover how this power couple got out of debt in their first year of marriage and went on to pay off their house
[9:09] Learn why you always need to put all your financial cards on the table
[13:25] Find out how getting on the same team financially improved other areas of Tai and Talaat's marriage
[16:29] Hear the story that time they flipped a house just in time for the recession
[38:56] Find out how you can stop blaming your partner for your money struggles
[43:52] Chelsea’s Top Takeaways

What Are Your Family Money Values?

Grab our free Family Money Values Template and create a strong foundation for your family’s healthy money habits!

Key Takeaways to Help You to Manage Your Money Like a Power Couple

As always, we’ve rounded up our top three takeaways to summarize what we believe are the core points to remember from Tai and Talaat.

1 - Start Money Conversations From Your Dreams and Values

Talking about hard numbers right away makes it too easy for the conversation to become a conflict. Instead, focus on the life you want to build together. Forget for a moment who overspent on groceries or who bought a bunch of things that weren’t necessary and blew the budget.

We have to figure out why we’re having issues. And that means discovering the life we both want to build. As you have this conversation, remember that you’re on the same team. This is not about one of you being right or wrong or one of you getting your way. It’s about figuring out how you can move forward together.

2 - There's Power in Starting Small

We talk all the time about progress over perfection. But I really love this story from Tai and Talaat about their mortgage and how they paid it off. When they bought their house, they couldn’t make huge extra payments, but they committed to never paying the minimum payment and instead contributed an extra $20 a month towards their mortgage at the start.

Now $20 a month versus your mortgage payment might not seem like a lot, but that gave them the habit of paying down their mortgage faster, and help them put more towards their payment when they could. That’s how this power couple reached their goal of having no mortgage years sooner than they intended.

3 - You Can Have a Great Money Relationship with Your Partner

Just because you and your partner are not on the same page today doesn’t mean you can’t be in the future. This power couple didn’t start out with similar money habits and beliefs. But by working together and both having grace with each other, they have been able to create the life they both desired.

As we said in the first takeaway, start the conversation from your family’s values and goals. Download your free Family Money Values Template or if you’re a member of the Motivated Mama Society, watch the whole masterclass we did on Creating Solid Family Money Values and how to effectively have those conversations. But start building that relationship today.

Links & Resources Mentioned

Connect with Tai & Talaat

Talaat and Tai McNeely, are Financial Educators that are on a mission to get individuals and couples on the same page financially, and to experience the joys of financial freedom. They are co-authors of Money Talks: The Ultimate Couple’s Guide To Communicating About Money and creators of Power Couples University. They are also the hosts of the top-rated podcast, “The His and Her Money Show”. Talaat and Tai McNeely (His and Her Money) have been featured in numerous publications such as Black Enterprise, FoxNews.com, MSN.com, Essence, and Business Insider.

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