5 Essential Tips for Discussing Money with Your Partner
Money can be a challenging topic for couples to discuss.
Discussing money can feel uncomfortable. People often have conflicting ideas when it comes to managing money. In fact, money is a big factor in most divorces. Take some time to approach this crucial topic with your partner. Here are some tips to help you navigate choppy waters:
- Find a time to discuss money when you are both calm and relaxed. Don’t use a financial disagreement as a starting point for this conversation. Why not set aside time in your calendars to have the talk?
- Ensure you approach the conversation with caution. Talk and try to understand where your partner is coming from. Ask questions with curiosity and try not to be judgmental. Be prepared to pause and table for later if the discussion becomes heated or if you find yourself too much at odds.
- Ask your partner what their financial values and goals are when it comes to money. For example: one partner may want to be frugal with day-to-day spending and splurge on a vacation twice a year. The other partner is a strategic thinker and is planning to save for the children’s future education.
- Discuss how you plan to handle the household finances. Should you have a joint account for utilities and the mortgage payments? Or should you have a designated payer? How will you handle emergencies, like an unexpected repair?
- Approach how you plan to handle debt: Will you keep separate credit cards? Consider how much debt you both plan to pay off each month.
This conversation will build trust. Use this to deepen your communication skills with your loved one. The money talk can be a positive team-building exercise rather than a disagreement! Looking at more ways to create a positive money discussion in your household? Have you checked out Scott and Bethany Palmer, “The Money Couple“? They’re based right here in Colorado Springs and have great resources for you!