It's no secret that finances can be a sensitive topic, especially when it comes to discussing them with your significant other. However, avoiding these conversations can lead to issues and conflicts down the line. So how can you have productive discussions about money as a couple? Here are some tips.
Start Early. Ideally, financial discussions should happen before you even become an official couple. It's important to have a general understanding of each other's financial habits and goals. This will help set the foundation for future conversations and prevent any surprises or misunderstandings.
Be open and honest
When discussing finances, it's crucial to be open and honest with your partner. This means being transparent about your income, expenses, debts, and financial goals. It may be uncomfortable at first, but it's necessary for building trust and understanding in your relationship.
Listen to each other
Effective communication is key when having discussions about money. This means actively listening to your partner's perspective without interrupting or becoming defensive. You may not always agree with each other, but it's important to respectfully hear each other out.
Set Common Goals
Money can be a source of tension if you and your partner have different financial goals. To avoid this, try to find common ground and set shared goals that you both want to work towards. This can help create a sense of unity and teamwork in managing finances.
Create a budget together
Sitting down and creating a budget together can not only help you manage your finances better, but it also allows for open communication and decision making as a couple. Make sure to discuss your priorities and find compromise when necessary.
Keep emotions in check
It's normal to have emotional reactions when discussing money, especially if there are disagreements. However, it's important to keep these emotions in check and avoid becoming defensive or attacking your partner. Remember that you are a team and aim to work together towards finding solutions.
Seek professional help if needed
If you and your partner find it difficult to have productive conversations about money, don't be afraid to seek professional help. Financial advisors or couples therapy can provide valuable guidance and support in managing finances and improving communication around the topic.
Talking about money as a couple may not always be easy, but it's necessary for a healthy and successful relationship. By actively listening, setting common goals, creating a budget together, managing emotions, and seeking professional help when needed, you can have productive discussions and work towards financial stability as a team.
If sitting down with a Financial Adviser to discuss financial matters, it is important from the outset that this be done together to ensure all parties are on the same page regarding strategy going forward. An Adviser worth their salt will use this opportunity to also educate and assist with any inexperience.
If you are looking to engage with an Adviser to plan your financial future, reach out. We would love to help.
Kylie Harding is an Investment Adviser who believes in free access to information about building financial literacy at every stage in life has the potential to empower women and inspire economies.
Contact Kylie today on [email protected] or 02 9998 4206.
