Talking to Your Partner About Money (Article)
Talking to Your Partner About Money
Are you and your partner on the same financial page? If you are not, you are normal. It is incredibly common to hear how couples either do not agree on money or have no idea how the other person feels about money at all. Money is a very common source of conflict in relationships. Today, we would like to provide you with a few quick tips on how to facilitate this important conversation.
First, everyone’s opinions and attitudes about money are formed by their environment. The people around them, their education, their parents and a thousand other things make up this environment and it is probably different from yours. Many feel that talking money is a taboo subject. Be open minded about your partner’s money story. Recognizing and understanding these differences can go a long way toward building a healthy relationship with your partner and money.
Second, having secrets (like hiding debts or large purchases) can lead to unpleasant conversations in the future and build a foundation of distrust. Talk early and talk often. You may not want to share all the intimate details right away but setting your boundaries and standards early can help facilitate more productive discussions later.
Finally, focus on the “why.” Do you want to save for a wedding? Do you both want to retire early? Is it about making a life for your family and children? Maybe you are just tired of living paycheck to paycheck. There really is no point in having any kind of financial plan if you don’t have a goal. If you have different goals, look for the areas they overlap, keep finding common ground, and eventually you will end up with a plan that works for your unique situation.
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