Talking money with your partner
Did you know that money can put a strain on a relationship?
By starting the financial conversation early, you can avoid future stress about money. Here’s some ways your partner and you can get started:
Take baby steps
Money may be a tough subject to bring up, but ease into it. Start with letting your partner know the small aspects such as your credit score, then move on to the more important items such as planning for retirement.
Talk about money early
Don’t wait to address money late. It could affect your emotions and cause you to make rash decisions, putting stress on your relationship. Starting the conversations early about finances may help develop a healthy relationship.
Ask “what if” questions
Pose broader questions such as “If you won the lottery, what would you do with the money?” to be inquisitive but not nosy. You’ll be able to understand what your partner is thinking or direction with their finances. You can also listen and observe to see financial clues and how best to ask about future money topics.
Share a money goal
Bring up your finances in a subtle way by discussing a financial goal you’re aiming for. This may be anything from saving for a vacation to paying down debt. Talking about your financial goals gives your partner an idea of what’s going on in your life.
Create money goals together
Decide on a financial goal your partner and you would like to do together. You’ll have a support system that holds you both accountable. For instance, if you are looking to improve your credit, make the steps together to improve it. You can even discuss your shared values. If you love discount grocery stores but your partner enjoys high-end markets, you both may value home-cooked meals. Find a way to compromise financially while still enjoying home cooking.
Ask about the past
Start understanding how your partner was raised from a financial perspective. This may tell you how they see money today. By asking questions like “Did your family argue about money?” you’ll understand where your partner is coming from.
Determine who pays for what
If you decide to split the check, take turns, or have either of you pay the bill, work out a plan that you can agree on.
It’s about timing
If you need to talk about financial issues, don’t do it over a text message in the middle of the night, while your partner is at work, or when they are stressed out. Wait until there is a relaxing moment when you can talk face-to-face.
Talk through your mistakes
If your partner goes over budget, don’t blame them. Look for ways to prevent it from happening in the future. For instance, your partner spends more than estimated on car repairs. To prevent future issues, deposit more money into the emergency or repair fund.
Decide on joining accounts
How much do you want to share with your partner? Does that include the finances? Depending on how much freedom your partner and you would like, you may consider merging accounts or keeping them separate. Combining accounts makes it easier to pay for expenses and bills; however, you may want to keep them separate to stay in control.
The information in this article was obtained from various sources not associated with Adirondack Bank. While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. Adirondack Bank is not responsible for, and does not endorse or approve, either implicitly or explicitly, the information provided or the content of any third-party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. Adirondack Bank makes no guarantees of results from use of this information.
