3 Tips on Talking to Your Partner about Money
When it comes to money, many couples find themselves feeling uncomfortable or even downright scared to talk about it. It can definitely be intimidating when you know your partner has a different money mindset than you. You know that your personal finances should be a team effort, but you’re afraid to approach the topic because you’re afraid of what your partner might say or think.
But by following a few simple tips, you can make talking with your partner about money much easier – and hopefully, more productive.
Talk openly and honestly about your finances.
The first step to having a healthy conversation about money is to talk openly and honestly about your finances. This means being upfront about how much money you make, how much debt you have, and how you spend your money.
It may be difficult to share this information with your partner, but it’s important to do so if you want to work together to improve your financial situation. Remember that you’re on the same team, and you need to be honest with each other in order to make progress.
One way to talk about finances that could actually be fun is going on a money date. Pick a favorite restaurant that you love and grab some takeout. Enjoy a great meal while you go over what you need to regarding your finances, then celebrate afterwards with a night out or a Netflix binge of your favorite show. This could help lighten the mood, and you both might actually look forward to talking about money!
Be willing to compromise.
Compromise is key when talking to your partner about money. If you and your partner are able to compromise and work together, you’ll be much more likely to achieve your financial goals. Compromising doesn’t mean giving up your ideals or values – it simply means being willing to meet your partner halfway.
For example, if one of you wants to save money for a down payment on a house, the other person may be willing to compromise by agreeing to put a smaller amount of money away each month.
By working together, you can come up with a plan that meets both of your needs and helps you achieve your goals. This may involve making some sacrifices, but it’s important to remember that you’re in this together.
By communicating openly and honestly, you can create a plan that will work for both of you – and help you get your financial situation under control.
Create (and stick to) a spending plan together.
One of the best ways to improve your financial situation is to create (and stick to) a spending plan together. This means that you and your partner will need to agree on how much money you can both afford to spend each month. This may be difficult, but it’s important to come up with a plan that meets both of your needs.
If you have different money goals, develop a plan that takes both goals into account. For example, if one partner would like to save for a new car, while the other is more interested in taking that long-awaited Caribbean cruise, create a plan that allocates resources to both of those things.
Of course, in order to do this effectively, you’ll have to refer back to a previous tip – be willing to compromise! While your partner’s goal may not be at the top of your priority list, it is at the top of there’s. Showing them that their goals are also a priority goes a long way towards having a healthy relationship.
Need some more help talking to your partner about money?
Don’t worry – we’ve got your back! Check out the Money Bitch Community’s Wealthy Wednesday Live Series on April 13th where Sarah will discuss even more tips for talking to your partner about money. You can also message us in the community, on Instagram, or email us if you’d like an unbiased point of view to help you and your partner navigate your finances.