7 tips for discussing money topics with your partner
Money is one of those issues that people don’t often like to bring up when in a relationship. If there is a big difference in earnings, it usually won’t be discussed at all in the early stages and both parties will usually pay equally. However, when your relationship becomes serious and you move in together, it is important to discuss money with your partner and be open and honest about your financial situation. Honesty is always the best policy and being upfront can make the relationship stronger. These are some tips for discussing money topics with your partner.
1. Outstanding debts
If you are planning to buy a home together, your credit score will be checked, so any outstanding debts you have will come to the surface. This is why it is so important to be honest about your finances with your partner. If you have a lot of debt, let your partner know. If they are the right person, they will understand and won’t judge you. A lack of honesty about finances will usually be found out eventually. If you are honest, you can help each other out when you need it – so it benefits both parties to be upfront.
2. Create financial goals
You may want to consider creating financial goals, so you know what direction you are going and whether the two of you are on the same journey. For example, if you both love travelling, you may be happy to save together to create your dream or if you prefer to buy things for the home, then you may want to save towards this. It is really important that you both have the same financial goals for the future. For instance, if one person is interested in travelling and the other is more materialistic, it may cause problems down the line.
3. Set boundaries
It is important to set your own boundaries when it comes to money, otherwise it will end up affecting your relationship. Many people put this off as it can take the fun out of moving in together or generally progressing the relationship, but it is important to understand who pays what. You may want to split everything equally, or if you earn more than your partner (or vice versa), you might be happy for the main breadwinner to pay more.
4. Payment plans
Sit down and discuss how you will pay your bills. For example, will they be direct debits from a joint account or will you both be responsible for paying different bills? If you do this, there will be less confusion and you will have a good understand of who is responsible for paying each bill. Whatever you do, don’t hide bills from your partner, as this is a sure-fire way to cause major issues in your relationship further down the line.
5. Budget together
It doesn’t really matter how much you have or who earns more – you can still budget together and make your money last. As a couple, you may decide to try doing as much fun, free things or make meals at home instead of eating out. If you work together with things like this, you can create a stronger relationship and savings at the same time.
6. Stick to your guns
As much as it is a partnership and being honest about finances is important, you should stick to your guns and not be swayed by your partner. For example, if you would rather keep a separate bank account, rather than a shared account, let your partner know this and stand your ground. You are perfectly entitled to manage your own money and many people choose this option, as after all, we don’t really know what will happen in the future.
7. Seek help
If you find that you are arguing with your partner about your finances, it may be a good idea to seek some professional help. It may be that one of you has spending habits which are out of control and the other isn’t happy about it! Sitting down and discussing this with an expert, can help you to manage it and hopefully, reduce any stress about money. It is not worth wrecking a relationship just because of money, so always look to get help if you need it.