A Guide to Having ‘The Talk’ About Finances

When you’re in a relationship, discussing finances probably isn’t on the list of favorite topics. Some would rather crawl under a rock, than discuss their finances. According to a new survey,”Some (people) may be hesitant to reveal poor past decisions or may be concerned that financial details could change the landscape of the relationship,”

In a relationship, there should be no stone left unturned. Discuss everything! Yes, everything… even the topics that feel uncomfortable.

Below, I’ve listed a few mistakes that couples make regarding their finances and resolutions that can be made to help,

One Person Solely Handling the Finances

The relationship consists of two people, therefore there should be two people involved in the handling of finances. Often times in a relationship, this isn’t the case. Sure, sometimes, there may be one “financial nerd” between the two of you (someone that prefers doing all of the calculations and is more eager to handle the finances) and that’s okay. But there should never be only one person handling the finances 100% of the time. Learn to budget as well, ask your partner to help you understand money handling tips. Report strange charges on your account. In no relationship should only one person be making 100% the decisions.

Not Making Financial Goals

Too often, couples assume that being in love automatically means that both parties share the same financial goals.  It’s normal to have different financial goals at first. However, as a couple, it should not remain that way. Find time to write down and prioritize each of your financial goals, then share your goals with each other, and implement them.

Not Sharing Their Earnings In a Relationship

It isn’t very common for both parties to make the same amount of money. Typically, one person makes more money than the other.

Those extra zeros at the end of a paycheck could make one person feel they have leverage over the other. Making the most money could also give a false sense of entitlement in (1) disregarding the financial agreements made in the relationship &  (2) control/solely determining how and where the other partner spends money. These issues of control will undoubtedly lead to strife and possibly resentment.  Remember that you and your partner are on the same team. This does not mean that each person is not allowed financial autonomy. As wise as it is to save, it’s also just as wise to have money aside, each month (or however often the two of you decide) to splurge.

So many missteps can (and probably will) be made while managing money with your partner. Remember that we are imperfect beings and all subject to make financial mistakes. Be patient with yourself,
create a budget, save and enjoy the money you’ve worked hard for!

If you need assistance on this, or any other challenges, we can help. Contact us for your free 30 minute consultation.

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