Money talk doesn’t come to all couples naturally. Some people grow up in a household where talking about finances was avoided or discouraged. Others grow up having open, honest discussions about money. For some couples, this causes an “oil and water” situation of mismanaging money together.
But even if your money management styles are incompatible, it’s important to find a way to get on the same page. A recent survey revealed that around 25% of couples report that finances are their greatest relationship challenge. Open communication around finances is a huge aspect of any healthy, thriving relationship.
Open Communication for a JOYful Relationship
Open communication in a relationship should extend beyond money matters, but for some couples, learning to get on the same financial page translates into better communication in other aspects of their relationship.
So, how do you speak openly and productively with your partner about finances? It can be challenging to have money conversations without them getting emotionally charged or veer off course.
The effort is worth it, though. When not openly discussed, money can cause big issues in a relationship. For example, another recent survey revealed that financial infidelity (that is, lying about spending or debt) is often a major factor in divorce.
Our Checklist Is a Good Start
Whether you already have frequent money conversations with your partner, or you both avoid the topic at all costs, navigating a big financial conversation with your partner can start with our helpful JOYful Finances for Couples Checklist. The checklist is designed to foster open communication about money topics you may have otherwise avoided – or forgotten to discuss.
The checklist will help you and your partner discuss:
- Your individual and couple money goals for the future
- Combined vs. separate finances
- Household budget
- Emergency fund
- Debt – both individual and combined
- Savings
- Money management responsibilities
- Retirement goals
- …and more!
Help Navigating the Conversation
If the idea of sitting down to have a money conversation with your partner makes you nervous, consider recruiting help from your advisor. We’re well versed in guiding financial conversations with couples and know how to keep the conversation on topic and productive.
We frequently talk about return on investment (ROI) when it comes to a financial plan, but the ROI from learning how to openly communicate about money with your partner is immeasurable. No matter what stage of your relationship you’re in (newlyweds, empty nesters or something in between), you can both benefit from having an honest and open conversation about finances.
If you want help navigating the conversation, let’s talk!
