How to Talk with Your Partner About Finances

February 27, 2024

by Christian Phillips

Discussing finances with your partner can be daunting, but it doesn't have to be. We've previously provided some helpful resources, including Financial Questions to Ask Your Significant Other Before Marriage and How to Know If You and Your Partner Are Ready to Share a Bank Account. These articles offer practical talking points to assist you in today's topic, "How to Talk with Your Partner About Finances." If you and your partner are committed to continuing your financial journey together, I would like to share my personal experience on this topic and provide some tips to help you navigate this sometimes-sensitive subject.

Over the course of our six-year relationship, discussing our finances has never been a simple process. It's not because we don't want to discuss it, but we have different spending habits. My girlfriend tends to spend more than is necessary, while I am more cautious and mindful of my spending. Despite our noticeable financial differences, we still haven't fully grasped the extent of the situation.

Recommendation:
If you want to understand your partner's money habits better, try asking them how finances were managed in their household while growing up. This will give you a more balanced understanding of their perspective. When my girlfriend shared her upbringing with me, it helped me understand why she was so relaxed about her spending habits. Rather than judging her, we worked together to find a solution. We agreed that bills should be a priority over unnecessary expenses, so she decided to set aside cash for monthly expenditures to prevent overspending. Finding a solution to our problem was crucial because we shared financial obligations such as rent, utilities, and groceries.

How we did it:
One thing that has helped us to be successful in managing our finances is honesty. Both partners must understand that honesty is key. The more honest you are with your partner about your financial situation, the less likely it is that arguments will arise in the future. It is common for married or dating couples to separate because they lack honesty about their financial condition.
When discussing finances with your partner, it is important to list all your expenses, no matter how small, with exact amounts.

Understand each other’s goals:
When discussing finances with your partner, it's essential to discuss your financial goals. For instance, if saving money is your shared objective, you need to determine what you're saving for. Do you want to buy a house or a car or plan a vacation? Additionally, it's crucial to discuss your personal financial goals. Some of these goals can be shared, but you should also consider what you want to achieve, such as financial freedom, independence, and stability.

Don’t be afraid to ask the hard questions:
It's crucial to maintain constant communication when you have decided to involve your partner in your finances. In case of overspending, it's important to inform your partner about the purpose of the purchase to avoid any surprises. Nobody likes unexpected financial surprises. If you encounter unexplained expenses, it's better to ask your partner instead of letting your frustration build up.

[Final thoughts]
Discussing finances with your partner can be tricky, and there is no one-size-fits-all solution. However, my girlfriend and I have found that being honest and communicating regularly is the key to ensuring we are aligned with our financial situation. Therefore, I encourage you not to delay and to start having these meaningful conversations with your partner.

How to Talk with Your Partner About Finances

Related Posts

How to Build Credit as a Student

Practical Ways to Use Your Tax Refund

Debt: What is it and how do we Pay it Off?

How to Talk with Your Partner About Finances