Have Meaningful Money Talks With Your Partner Now
Discussing finances with your partner is an important part of any relationship. Read our blog to help guide your discussion and plan for your future.
It’s all too common for money to be a source of conflict for couples but it doesn’t have to be. As you prepare for the next stage of your relationship, such as getting married or moving in together, aim to have meaningful money talks with your partner.
Being open and honest about money can help reduce tension down the road and can help couples achieve common goals. Not sure where to start? Use our list of key points to guide you through having the first of many healthy conversations.
6 Money Topics To Discuss
With shared expenses comes shared responsibility. It’s important to consider how you’ll both manage your money. Will you deposit both your paychecks to a joint account, have a shared account for shared expenses, or simply split up your bills as you see fit? There’s no ‘right’ way – choose an option that works best for both of you.
You and your partner might take on different responsibilities at home. Managing your finances, however, should be a joint effort. Take time to develop a budget that takes into account what each of you are willing to spend on needs and wants. Keep in mind, this may differ from what you can afford.
It’s best to set some rules on spending if you and your 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? Communicate clearly to avoid misunderstandings later.
You both have likely incurred some debt and that’s perfectly fine. For greater financial harmony, align your approach to debt. 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.
Life has a way of surprising us – and it isn’t always favorable. You may get a flat tire, find that your dog chewed up your glasses, or worse. What happens if one of you is laid off? Prepare 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.
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 five 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.
Take advantage of free financial education from our partner, BALANCE. From confidential coaching to videos and articles, get the resources you need to help with your fiscal matters.