Frugal millionaire couple: 3 things we always do when we talk about money—and the No. 1 phrase we use

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Money can be a sensitive topic, but it marked the beginning of a solid financial foundation for us. We've been married for 12 years, and from the start, we've worked together to manage our finances.

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The phrase we often use to make discussing finances simpler is, "I want to understand."

Here's how we communicate with each other about money.

1. We prioritize compassion and understanding.

When discussing our finances, we prioritize patience over impulsiveness. We turn off our devices and remove distractions to ensure we're fully focused.

Discussing personal financial information, including expenses, can be challenging.

I remember my mom being a single parent, and we never talked about our family's financial situation. It felt like it was something that shouldn't be discussed, almost like speaking out of line and that somehow contributed to my negative attitude towards money - to the point where I felt guilty whenever I spent any of it.

We looked into purchasing tickets together for a trip. I wasn't used to seeing costs that high, and it gave me anxiety. But I expressed how I was feeling, and my wife reassured me that she had found the best price, considering both the departure and arrival dates and not having to pay extra for baggage. We also kept an eye on prices just in case they went down.

It really helped me feel more accepting of my initial response, especially considering my past, and that I'm not isolated.

2. We don't have any secrets to keep

We've acknowledged spending habits that could lead to significant debt, and have made a commitment to openly communicate our feelings, especially when we're making long-term plans.

To earn extra money, I was upfront with her and said it felt like an unwanted burden at first.

Around here in our local market, it was only able to happen because my wife and I kept discussing it. We brought the idea up for casual conversation until we both felt comfortable moving forward with it.

We need to stay on the same page with all important decisions, especially big ones like investments. It's crucial that we both get a clear understanding of the potential risks before proceeding.

3. We collaborate with each other as mutual navigators

By herself. So we worked together to budget for our basic living expenses, while also setting aside enough each month to cover her payments.

We needed to focus on our essential needs right away, make some sacrifices on expenses, and put off non-essential plans, like taking a trip to visit our relatives. The important thing is that when we make major decisions, we're always on the same page and honest about our opinions.

One of the questions we always ask each other is, "Where do we envision ourselves in five years?"

We continually review and update our budget to cut out unnecessary expenses and allocate more money to specific areas. Additionally, we schedule regular annual meetings with our financial advisor to assess our future financial goals and plans.

Whatever our financial goals, be they cutting back on costs or exploring ways to increase our earnings, we're eager to hear fresh ideas from others on how to turn our aspirations into a reality.

is the co-founder of Parent Portfolio A website that assists families in acquiring wealth and teaching their children financial management skills effectively. @TheParentPort .

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