• Update: Due to inclement weather, all A+FCU branches will be closed today. Read Full Alert

Have Meaningful Money Talks With Your Partner Now

Feb 03, 2022 Family & Finances

Talking about finances is an important topic to discuss with your partner. Read our blog to help guide your discussion and plan your future.

A couple standing in a kitchen, they are laughing at each other and standing in front of an open laptop.

Have you recently gotten engaged or married? Maybe you’re moving in with your partner and want to combine some expenses? If so, it’s time to start having meaningful conversations about finances.

Money is often a source of conflict for couples and you want to be sure to address the matter early on. Communication is key. Be honest and willing to compromise. Get started with these six fundamental topics.

6 Money Topics To Discuss With Your Partner

Accounts

With shared expenses comes shared responsibility. It’s important to create a plan for how you’ll both manage your money. Will you open a joint account where you deposit both your paychecks? Or will you instead open a joint account for household expenses, while still having separate individual accounts? There is no one or ‘right’ way – go with the option that works best for both of you.

Budget

You and your partner might take on different responsibilities at home; for example, one person regularly does the grocery shopping and another does the yard work. Managing your finances, however, should be a joint effort. Be sure to discuss what each can afford to spend on what and what you’ll do to ensure your bills are paid on time.

Spending

It’s best to set some rules on spending if you and you’re partner are now pooling your money together. Will each of you have an allowance for wants? Should you consult your partner when spending over a certain dollar amount? Use communication and be clear in your wants and needs to avoid problems down the road.

Debt

You both have likely incurred some debt and that’s perfectly fine. You just want to be sure you’re on the same page. For example, if one of you is attempting to pay down debt while the other is constantly acquiring debt, your efforts are counterproductive. Chat about when it would be acceptable to borrow and generate a plan for paying down the debt you already have.

Saving

Life has a way of surprising us, and not always in a good way. You may get a flat tire, find that your dog had a nice time chewing up your glasses, or worse. What happens if one of you is laid off? Prepare yourselves by establishing an emergency fund. Aim to have at least 6 – 12 months’ worth of expenses so you’re prepared for whatever comes your way.

Goals

Areas like budgets, saving, and debt are closely related as they should be largely influenced by your goals. Talk to your partner about what you would like to accomplish and where you would like to be in 5 years or 20 years. Are there goals you can work on together? Would you like to buy a home, travel, or prepare for a baby? You decide.

Need more help?

Use our financial wellness partner, BALANCE, for resources on topics like debt, buying a home, and saving for the future.

Related Articles

Banking on each other.
Building stronger communities.®

I’m looking for…

This link takes you to something we think is useful.

But, it’s important to know you’re leaving the A+FCU website. Our site provides links to third party sites and resources not controlled or operated by A+FCU. Other websites may have privacy policies, security, and terms of use that aren’t the same as A+FCU’s. A+FCU isn’t responsible for third party content, agreements, or transactions on linked sites. If you’d rather not continue on to this site you can always call us or stop by a branch to find out more.