Talking about money with your partner is essential for building a shared financial life. Plus, it can help foster trust and transparency in your relationship! Here are some practical strategies to empower you and your partner to discuss finances:
1. Plan a monthly money date. Schedule uninterrupted time to talk without feeling rushed or stressed.- Talk about everything money-related. Review your budget, discuss upcoming expenses, check your accounts, think about goals, and address any concerns.
- Educate yourselves. Spend some time learning about personal finance by reading an article or watching an online seminar. Check out Excite Credit Union’s variety of financial educational resources.
- Keep the experience positive. Celebrate your shared progress after your discussion by doing something enjoyable, such as going out to dinner or watching a movie.
2. Set shared financial goals. Work together to create clear, aligned objectives, including:
- Establish an emergency fund. Build a safety net to reduce financial stress and give you both peace of mind during unexpected life events.
- Pay down your debt. Reduce debt—whether it was brought into the relationship or accumulated together—to improve your credit score and increase your sense of control. Use Excite’s SavvyMoney service to learn the state of your credit and ways to improve it.
- Save for future milestones. Start planning early for important life events like retirement. Individual Retirement Accounts (IRAs) offer a way to save for retirement independently, without relying on an employer-sponsored plan. The variety of IRA options includes a Traditional IRA and a Roth IRA. Learn more and get started at Excite’s IRA Service Center.
3. Collaborate to create and follow a budget. Make a budget based on your mutual priorities and commitments, and then help each other stay on course.
- Be transparent. Share your true opinions—respectfully and kindly.
- Compromise to find a middle ground. Approach differing ideas with flexibility and a willingness to adjust your priorities.
- Track all spending. Use budgeting tools or apps to stay aware of your habits and make necessary adjustments.
4. Define shared vs. individual financial tasks. Establish joint responsibilities and personal responsibilities, so both partners feel empowered and accountable.
- Set clear roles. Clarify who will take the lead on each financial task, such as bill paying or retirement strategy, while ensuring both partners stay involved and informed.
- Decide how to manage joint and individual accounts. Work out what’s best for your relationship—whether it’s fully merged finances or a combination of individual and joint accounts for shared expenses like bills and savings goals.
- Determine boundaries for monetary independence. Allow each other the freedom to make smaller purchases, without having to consult the other person, as long as it’s within a mutually agreed-upon spending limit.
5. Be prepared for tough conversations. Understand that some topics may be difficult to discuss, but you can navigate them together.
- Manage emotions around money: Recognize that money can bring up strong feelings—such as fear, guilt, and frustration—and work to manage them constructively while you talk.
- Keep financial disagreements from escalating. Stick to the issue at hand, and don’t let unrelated personal conflicts distract you.
- Seek professional help if needed: Consult a financial planner or relationship counselor if your discussions are consistently overwhelming or contentious.
6. Celebrate wins together. Take time to reward yourselves for your teamwork and progress when you reach a goal.
- Treat yourselves to a fun experience. Go out to dinner or take a nature walk.
- Create a record of your successes. Write your financial wins in a journal so you can read them in the future and see how far you’ve come
- Buy something for yourselves. Purchase something inexpensive that you both can enjoy, such as a new game or houseplant.
When you talk about money with your partner, you’re laying the foundation for a future of trust, respect, and financial success. At Excite Credit Union, we’re here to help you build that strong future together. Our products and services are designed with people like you and your partner in mind. Discover how we can support your journey to financial well-being: excitecu.org.
