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TALKING ABOUT MONEY WITH YOUR PARTNER

3x3-talking-about-moneyPeople would rather talk about sex than their money. It is more important to talk about money with your partner. Starting an open communication about what each partner makes, what the responsibilities are, and choosing how to manage your money, is a powerful tool for building a successful relationship.

Arguments revolving around finances are the Number 1 reason for many divorces and break-ups. If you are serious about your partner, you need to start talking about money with your partner. One easy way to start this discussion is to share about how your family handled finances. Did your Mom pay all the bills? Did your Dad always plan the family trips? Were you and your siblings paid allowance for doing household chores or was your allowance given without any obligations? Once you and your partner hear how your families handled money and find common ground, it is easier to understand why your partner makes different financial decisions than you might. Having this knowledge can also help couples to formulate a blended plan, ensuring each person has a voice setting budgets and spending.

When one person makes more money, it is easy for the other to feel less valuable. Both people need to know that they are contributing to future goals and can share their opinion. Resentment can build when there is a feeling of iniquity or that one’s opinion is not valued. Another habit that can “kill” a relationship is hiding “secret” savings accounts or debt. Each person needs to build a healthy relationship with money, so both of you can work together to be accountable for personal needs and spending money and joint dreams and goals!

Listening and talking about money with your partner can help you find creative ways to solve financial challenges. Now you can make proactive choices for directing your money toward large purchases and investing in your future…together!

Check out some of the tools on this website. Many of these tools are free and offer a roadmap for smarter fiscal management. Browse some of these links and talk with your partner about which tools might be best for you!

(Photo via business.financialpost.com)