How To Discuss Money With Your Partner

In relationships, money can sometimes be perceived as more of a negative factor opposed to something positive. It’s important to be open with your partner to avoid disagreements or conflicts regarding money. Every relationship is different and this conversation will happen overtime. When it does happen be respectful of each other’s situations, have honest and open communication. You may find this will bring you both closer, instead of driving you apart.

  • Establish The Purpose

The scenario will vary for each individual couple. If you’re newly engaged or planning to move in together, it’s essential to define the purpose of your discussion and understand how you will present it to your partner. Its important to understand how you both value money – such as having saving goals, spending carelessly on luxury goods, managing your credit cards etc. Outline budgets for each other or together. If you know you’re saving for a house, your wedding or trying to clear your budgets – be clear on what you want to achieve together, so you can establish a plan to meet both of your needs.

  • Honesty

Be honest with your partner and even with yourself. Sometimes the topic of finances can be challenging especially because you have to own up to your reality. If you have a bad credit score, this can affect your partner and you transition to buy property or invest in something together. Don’t shy away from coming clean about your debts, tell the truth and help each other amend the situation with realistic goals and overcome the financial strain. The earlier you can implement this into your relationship, it will help future conversations occur.

  • Be Supportive

Avoid spreading the blame to your partner, support them no matter the issue. Work together to rectify financial constraints and make suggestions that will benefit you and your partner. Set limits on spending and agree on money management.  Offering support will motivate each other to work on your finances together. Words of encouragement can go a long way, be sure to remind your other half that you’ll give them support. The initial conversation you will have about money may seem intimidating, but once you have established how you will work together to manage your finances, you’re heading in the right direction.

 

This post was written by Melisa.

Image: The Telegraph