Talking about finances is a touchy subject, especially when it comes to setting and agreeing on a budget with your partner. The reality is, disclosing your income can make it difficult to open up about your finances even with someone you deeply trust.
But talking about money with your partner is crucial to a long-lasting relationship. It will allow you to learn each other’s values and if you two are on the same page with money you’ll make a good team long term.
One study found that 50% of couples argue about money. You can avoid being in that percentage through an honest and open conversation about how you spend, save, and invest. Here are four tips on how you can have an open conversation with your partner about finances.
1. Be Open-Minded
Everyone has a different relationship with money. The way that someone was raised can shape the way that they view their hard earn cash. With this in mind, be aware and receptive to those differences.
For example, some people may remember their parents fighting about money and budget’s being tight. While others may not have any recollection of money worries through their childhood. These differences in upbringing will contribute to your insecurities or stability when it comes to managing their finances.
2. Have a Sit Down Conversation
It’s easy to glaze over your financial expectations in a casual conversation. If you’re not in agreement, you move on. But if you see a future with your partner, it’s important to have a serious conversation in which you don’t avoid the hard questions.
Pick a time where emotions aren’t high to discuss how you budget, including what you’d be willing to change if you were to or are combining your finances.
A recent Money Crashers study found that 89% of people haven’t lied to their partner about money. That statistic shows how uncommon honesty is when it comes to money, so set the scene for an opportunity where you can both have a truthful conversation.
Set expectations to lead a healthy, honest relationship with finances.
3. Set a Shared Goal
Remember that you’re a team and your love for one another brought you together. Working together to reach a common goal will help you see managing finances in a positive light, especially when you accomplish that goal.
Start with something small like saving for a weekend trip or a nice dinner out together.
4. Hold Each Other Accountable
Even if you’re not ready to combine finances, confide in each other on your personal money goals such as paying off student loans, saving for a house, or saving for a new car. Whatever the goal may be, supporting each other through them will help you feel more comfortable talking about money.
If you’re having money problems with your partner, here’s how to stop fighting about money in your relationship through these 7 steps.
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