Money can be a touchy and even taboo subject for many couples. Do you remember your parents telling you, "We never talk about money or politics at the table?" There is a point when both sides start pointing fingers and putting up their defenses. However, it is important to talk about money in relationships. We usually don't talk about our spending and financial goals until there's a problem. One has to put up a list of things you need to stop buying unnecessarily. That way, you manage your extravagant shopping and avoid overspending.
If you talk about money early on in relationships to plan your future together, it can bring you closer together instead of driving you apart. And even if you didn't get the message to "talk early," it's never too late to get serious about this. We think you should keep talking about the importance of money in relationships at least once a year and eventually invite your kids to these talks. Some families call this kind of meeting a Family Council or Summit. When you talk about this topic often, you might be surprised by what you find out.
You and your partner don't have to be financial soul mates or have the same goals, but you do need to know where you both stand. Understanding each other's financial goals will help you see your money problems from both sides and make it easier to find solutions that work for both of you. Keep reading to learn more about the tips to talk about finances in relationships.
Tips To Talk About Money In Relationships
1. Fix Who Will Pay For What
It might be best to start with simple things, like figuring out who will pay for what on dates. Everyone should be aware of the importance of money in certain relationships. Make sure you are all on the same page, whether you are splitting the bill, taking turns, or one person agrees to pay for everything. If not, you might start to fight right away. Expectations that are kept secret will only confuse and maybe even fight. This is one of the most beneficial tips to talk about money in relationships.
2. Observe And Listen
At the beginning of a relationship, you can find out a lot about your partner's finances without being nosy. Pay attention to how they live. Are they rich, poor, or somewhere in the middle? Do they talk about their debt in public? Or are they less open about how much money they have? What do they think a fun date is? How do they like to spend their free time and money that they don't have to spend? This will let you know what's important to them and how to talk about money with them in the future. This also helps in preventing unbalance of money in relationships.
3. Keep The Time In Mind
If you need to talk about something hard, don't do it over text in the middle of the night or when someone is having a hard week. You might want to wait until you are both having a good time together and are not in a rush. When you are out on a fun date, it is probably not the best idea to start a 20-question money round.
Set aside some time to talk with your partner about money in a real way. Whether you are worried about how they spend money or you want to talk about your problems with debt, you will want them to be ready for an honest talk. Money can seem like a serious topic, but it doesn't have to be. By breaking the taboo, you can take the first step toward a better financial future for both of you. This is among the best tips to talk about money in relationships.
4. Figure Out Shared Expenses
If you are going to move in together, you will need to figure out how you are going to handle shared costs. Will you each pay half of the rent and bills, or will you come up with a different plan? Do you want to open a joint account? If so, will you also have individual accounts? Will one person be the Chief Financial Officer of the house, or do you want to share the job?
5. Understand The Discomfort
Calling out weirdness of money in relationships is the best way to get rid of it. It is not easy to talk calmly and naturally about things like crushing student loans or the stress of growing up in an unstable economy. You have to put in the effort, communicate and reciprocate in relationships. And that will mean getting through some awkward situations. The point is that you should not try to stop feeling uncomfortable during these talks. Instead, talk about it. It is the simplest way to calm things down. This is one of the best tips to
6. Set Expectations Together
Unmet expectations can cause a lot of trouble when it comes to money in relationships. The quickest way to feel unhappy and unfulfilled with your partner is to expect things to go a certain way and then find out that they don't. If you have always thought that when you get married, you have to buy a house right away, you might be disappointed to spend your first anniversary in the apartment you are renting.
Don't set yourself up for money and marriage problems by having unrealistic expectations. No rule says newlyweds have to buy a house, start a family, or take a trip to Paris in their first year of marriage. Stop worrying if you can't do those things right now. Get your finances in order now so that you can follow your dreams in the future. This also helps in preventing unbalance of money in relationships.
Conclusion
Stop making these money mistakes and find a way to work together. Because listen, it takes time and works to build a strong relationship. It can be awkward or even frustrating to talk about money, but you can learn how to do it in a better way. We hope that this article encourages you to talk about money in relationships.