Did you know that disagreements about finances is the #1 reason why couples separate? Managing finances as a couple can be difficult, however it can also be an opportunity to grow stronger together. Through open communication, trust, and having shared goals, you can develop financial harmony and further strengthen your bond with your partner. In this post we are going to discuss some strategies on how to talk about finances with your significant other.
Entering the conversation with respect for each other's opinions and financial history is key. It can be helpful to approach this conversation with a teamwork mentality of working toward financial goals together, rather than one partner pitted against the other.
In order to show respect to your partner, both parties need to be prepared to listen to try to understand the other person's perspective. Try to avoid interrupting or jumping to conclusions when the other person is sharing.
Do your best to respectfully express your financial needs and goals, but be willing to compromise and find common ground. Make sure to be honest about your financial history, as honesty is key to building trust.
Set time aside to discuss financials rather than letting the conversation be triggered by conflict or frustration. Having a selected time to have this conversation allows both partners to be more calm, focused and prepared. We also recommend choosing an environment that feels comfortable for both partners, and with minimal distractions. This will help set the tone for open and honest communication.
The first step in managing finances is to know your expenses and income, so you have a clear grasp of what you have to work with. You can sit down with a financial advisor for some professional help if this feels overwhelming. With some guidance, this is very achievable at home with programs like Google Sheets or Microsoft Excel.
Financial difficulties like losing your job or unexpected expenses can happen. Having some money saved for incidentals like this can provide peace of mind, and reduce the stress when situations like this happen. It is ok to start small and put a little away each month with this goal in mind.
If you have accumulated debt from loans, credit cards, lines of credit, etc., you are also paying interest every month on the money that you owe. Working together to identify your sources of debt and making a debt repayment plan can go a long way to improve your financial position. If you don't know where to start, there are free resources available online or through your bank to help you figure out a plan that works for your situation.
Navigating finances as a couple isn’t always easy, but it is also a powerful way to build a deeper, more trusting relationship. Communication skills and having a basic understanding of financial literacy makes it much easier to approach this difficult topic, and transform financial stress into shared success.
If you are experiencing financial stress within your relationship, our team of mental health therapists can provide a safe, supportive space to seek support, improve communication and coping skills, and develop a personalized treatment plan based on your situation. We can also help guide you toward other services, resources and professionals who can provide expert advice related to financial goals.
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Disclaimer
The information provided on this blog is for general informational purposes only and should not be considered financial, investment, or professional advice. We are not financial advisors, and the content shared here does not constitute personalized recommendations. Before making any financial decisions, you should consult with a qualified financial professional who can take into account your individual circumstances.