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Talking Finances with Your Partner

A lot of things change when you start a serious relationship. You move in together; you divide up the housework … and you tackle your joint finances.

When starting a relationship one of the topics that is most often missed is the finance chat. You may think “we are both good with our money what is there to chat about?”. However, you cannot assume that just because you may be financially stable, that your partner is too.

There are many things to consider when having that financial chat. Here are some guidelines to look over to help you stay on-track.

Safe and Judgment-Free Environment

Finance chats can be difficult, and some people need a little more time to process and collect their thoughts. Start by setting a time and date with your partner to talk money, that way you both can come mentally and emotionally prepared. Create a safe space where you both feel comfortable and set some ground rules (i.e. no blaming, open and transparent, or bringing up past issues). It’s important to approach the conversation with empathy and without judgment.

Values, Goals, and Current Financial Situation

Never assume that you and your partner share the same values and goals when it comes to money. Depending on experiences, you may both have very different ideas of the value of money. Start with the conversation and lay out your long-term and short-term financial goals. From here you can discuss your values around money and lay the foundation for productive discussions. Identify common goals, such as saving for a house, starting a family, or planning for retirement.

The next part is for both of you to share your current financial situation openly and honestly, including your income, expenses, debts, and savings. This transparency will help you better understand each other's financial standing, allowing for more informed decisions and planning.

Creating and Achieving Financial Goals

Make sure to break down your goals into achievable steps. To do this, start by developing a budget that aligns with your joint goals. Determine how you will handle expenses, savings, and investments. It's essential to discuss who will be responsible for managing certain financial aspects, whether it's paying bills, tracking expenses, or handling investments. Put a plan in place to make sure you are both held accountable to follow.

Challenges and Emergencies

Acknowledge that unexpected financial challenges may arise. It is important to discuss how you will handle emergencies or unforeseen circumstances and to establish an emergency fund to provide a financial safety net. Doing so will minimize stress and uncertainty when faced with unexpected situations.

Review and Revisit Your Finances

Financial conversations are not a one-time event. Schedule periodic check-ins with your partner and financial advisor to review your progress, make adjustments, and stay accountable. When you reach a savings goal or pay off debt, take time to acknowledge your joint accomplishment! Continue the conversation by reviewing what worked and what didn’t work to reach your goal. Regular communication will help keep you both on track and ensure you're working together.

Chat with your Advisor

Don't hesitate to consult your advisor if you need assistance with financial matters or need guidance to align your goals. Our advisors can provide insight and strategies tailored to your specific situation.

Don’t let money be the third (silent) partner in your relationship. Have open and ongoing communication about finances to avoid any revenge spending or poor decision making. Book an appointment today and get the conversation started.


Need advice? Just ask.

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