Money Talk with your Partner
It’s crucial for partners to talk about money because money issues are never just about money.
We need to talk more about money. But it's such a taboo topic that it can be hard to start that conversation. We start thinking about money in a relationship from as early as the first date. “Should we split? Should he pay? Did they tip well?” Here’s how to navigate this situation:
How to start: Open the conversation with a question like, "how comfortable do you feel being open about money?" This opens up the conversation to allow you and your partner to discuss their experiences with money and how they value it. However, this can lead to heavier questions.
Here are a few questions to think about:
- How much do both of you make?
- Do you have student loan debt?
- Are you comfortable carrying credit card debt?
- How should you, as a couple, handle money?
The 5 necessary elements for financial understanding:
- Equality: You and your partner should have equal say (and equal power) in financial decisions.
- Inclusivity: You should both participate in financial decisions, not one against the other. This can create tension down the road.
- Transparency: Financial information should be shared openly to allow for open communication and safety measures down the line.
- Sustainability: Make sure that whatever plan is settled upon is one you can stick to long term. This will require compromise on both sides.
- Flexibility: If your plan isn’t working or your life begins to change, be open to switching things up or adjusting whatever needs changed.
Whether you're in a brand new shiny relationship or you've been committed for a while, take some time to sit down with your partner and talk through your feelings about money. And really, what could be more romantic than planning for your future together?