Do you and your partner communicate about finances in your household? Finances can put a strain on any relationship, especially if you and your partner aren’t having money talks. Even though it can be a difficult conversation, it is necessary. Besides, if you can have effective money talks with your partner, you can talk about anything. Here are 6 tips on how to talk about money as a couple.
Money Talks: 6 Tips On Talking About Money As A Couple
Are you struggling financially in a relationship and not sure where the problem is coming from? Maybe you’re just not sure how you can bring the issue up without starting an argument. Whatever the case might be, here are some things you can do to start healthy money talks with your partner.
1. Set Money Dates
This may sound a little crazy, but it is definitely necessary in a relationship. The same way you set date nights to strengthen your bond and be romantic, you need to set a date night for your finances. You can set it up like a normal date night. You can still be romantic and fun when having money talks. The point is to make sure you and your partner both:
- stay positive
- be productive
- remain focused
Try to set up money dates at least once or twice a month. This is the time where you can address your individual financial needs and track your spending. Set goals for what you want to accomplish during these dates and go for it!
2. Create A Budget Together
Have you talked about your long-term goals with your partner? Do you know what it will take financially to reach them together? You will need to sit down and create a budget as a couple. This is how you can address what you both want to do with your future and discuss financially how this can be achieved. It’s okay to have separate accounts but make sure to have one joint account for household finances:
- car payments
- child care (if necessary)
That way, you both have money to splurge on what you want and the household needs are still met. Everybody wins.
Read more: How To Effectively Budget As A Single Parent
3. Be Open and Honest About Money Matters
Honesty is the best policy! In order to effectively handle your money matters as a couple, you have to start being open and honest with one another about finances. Talk about where you are financially. Are you a spender or a saver? Do you have any financial fears about the other? Be honest. Lying about your finances is a surefire way to financial ruin. If you’re trying to merge your finances, be open about what you’re working with. There is nothing worse than going into debt because someone lied about where they were financially.
4. Stop Dwelling on the Weaknesses, Highlight the Strengths
Pretty simple right? Not exactly. You would be surprised how many couples tend to focus on the weakness of their partner when dealing with finances. Chris and I established who would take care of the finances early on. We wanted to make money by through different means but I am a saver and he is a spender, so I handle all the finances. His money is still his and vice versa, but we are able to come together in regards to our household needs. That way all payments are made, children are taken care of, and we get splurge on things we may want. It works for us. Figure out your strengths financially and together you can figure out a healthy plan for your finances.
5. Listen and Compromise
Understand that you will not always agree. It’s okay. Make sure to listen to any concerns that your partner has. Observe your partners’ financial habits and this will help you approach money talks more delicately. It’s nothing worse than being criticized for what you do with your money, especially when you’re not used to combining your funds with another individual. So sit back, listen, observe, and compromise. If all else fails, compromise is key. Nobody likes to lose but you lose more when you’re arguing about money matters that could simply be resolved if you both decided to listen to the other’s needs.
6. Understand A Third Party May Be Necessary
In money talks, a third party may be necessary for you and your partner. It is important to recognize when it is time to contact a professional for assistance. A financial planner can help you hash out some financial issues that you both may be having. Financial planners can be necessary, especially in cases where there is an overflow of money or businesses involved. Sit down with your partner and discuss whether a financial planner is necessary for your situation. Make sure this is also an option that you can afford.
Time to Merge
Money talks can be stressful, believe me, I know. But, once you take the step toward talking to your partner about finances, it will make things go alot smoother. You will at the very least be able to approach your money matters as a couple more effectively. Now that you’ve gotten some tips on how to talk to your partner about finances, are you ready to communicate more effectively?