Money Matters and Love: Navigating Financial Conversations with Your Partner

Most of us admit to arguing about it. Some of us apparently split up over it. In some cases, we feel embarrassed talking about it. 

So if you can open up an open and honest conversation about money with your partner, it may make a big difference to your happiness, and the health of your relationship. 

Here are a few things to keep in mind. 

Start as early as possible 

If you’re open to money conversations from the beginning, it’s a lot less awkward. It’s a much harder conversation to broach the topic five years in than it is after five months. That doesn’t have to mean opening up your bank accounts to each other on the first date, but generally chatting about your attitudes to things like spending and investing can be a good way to start the conversation. Wherever you’re at, if you haven’t already – start now. 

Compromise 

If you and your partner have a different approach to money, it may make sense to compromise rather than butt heads over the issue. (Even if you know you’re right.)  

If one of you is a saver and the other a spender, it could be a good idea to give each of you a set amount of spending money, for example. Sometimes having a certain amount of cash that you know you can use without having to account for it or explain can take a lot of the pressure off your other financial conversations.   

Talking about what’s most important to each of you when it comes to money may help you prioritise.  

Choose the right time 

If you need to chat about a financial issue, choose your time wisely. Most people are most open to a slightly tricky conversation when they’re relaxed, have time and are not hungry or tired. You could schedule a regular checkup time where you know you’ll raise any issues that have popped up. That way, everyone is ready for the conversation and open to having it. 

Set goals together 

It becomes much easier to talk about money if you have a clear, appealing “why”. Maybe you’re saving for a holiday, a car or even a house. Setting a target together and then working towards it will allow you to talk about the financial decisions you’re making in light of the shared goal. 

Be open 

There’s nothing like discovering a secret credit card or loan to ruin your vibe. Be open with your partner about your finances, even if you’re keeping your money separate.  

Delegate 

This doesn’t mean entirely handing over the job of managing the money to one person – no one wants to feel that they’re the unpaid admin person. But you could separate out some aspects of your financial life to manage according to your skills and experience. Maybe one person takes the responsibility of organising the insurance while the other focuses on the investments, or someone organises the bill payments while the other makes sure a regular savings habit is happening. Designating tasks could be a way to keep you both engaged and focused on the shared aspects of your financial life. 

Want to talk? 

If one of your financial conversations leads you to think about a loan, drop us a line. We’re offering better finance solutions across car, caravan, boat and jetski loans and we are here to help. 

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments. This information does not take into account your objectives, financial situation or needs.  To consider whether a credit product is right for you speak to a licensed Finance Broker and review the product issuers Target Market Determination (TMD) before making a purchase decision.