Why Every Couple Should Talk About Money
Talking about money is just as important as other parts of a couple’s long-term success. Communicating about money will ensure that the two of you are creating and committed to the same joint vision. When couples make time to talk about money on a regular basis there’s an increased chance of avoiding misunderstandings and inconsistencies. Here are 5 key reasons why money should be a part of your relationship conversations:
To Create a Joint Vision
The both of you may have very different ideas about what constitutes success. One of you may have a goal of home ownership and the other prefers to rent; one person may enjoy building a nest egg and living as a minimalist and the other person indulges in retail therapy and impulse buys. These are issues that are revealed when two people are able to discuss money without judgement. If these conversations do not take place; poor money habits become larger, trust weakens and tension builds. As an active participant in accomplishing individual and collective goals, it’s important for each of you to feel heard and valued as a contributor in the relationship.
To Ensure You’re on The Same Page
If you want to make sure you’re both on the same page about financial goals I encourage couples to come to the table with a list of their financial needs and wants broken down by long term and short term goals. Regardless of how compatible two people believe they are; it is always interesting to see how differently one thinks is the best way to accomplish said goals when they are written down and discussed at length. After you determine the two of you are on the same page is it a great idea to evaluate monthly to ensure staying on track. Monthly meetings will allow you to address impulses, deficits or concerns appropriately.
To Pursue Shared Goals in Life
Actively pursuing shared life goals are an important part of any relationship. You and your significant other will appreciate the attention given to discuss saving for the future so that you can enjoy travel, or check things off your bucket list. Financial planning for the future will not only give you something to look forward to but it can also reduce stressful encounters and reduce negative feelings.
While pursuing shard goals, it’s considered healthy to have individual goals throughout the duration of the relationship. Putting your income together for shared goals or routine household finances are common. However, if one of you wants to pursue school, start a business or purchase a new car; it is best to discuss them to ensure the both of you agree on the impact on your overall financial growth.
To Avoid Problems
How important is it to talk about your finances? If you never talk about money and both of you are doing “your own thing”, 20 years can go by without either of you paying attention. That means you’re likely enabling one anothers poor financial behavior, avoiding emotional blow ups (that will eventually happen anyway), wind up without a savings and essentially only manage tasks and putting out financial fires. While you can’t possibly be perfect or do everything perfectly; the goal is to intentionally working together at removing financial problems as one of your hurdles.
The Financial Future
Talking about money doesn’t have to be hard. Financial planning is only one aspect of your life together, but it’s what is going to help you meet your goals individually and collectively with the goal of living a happier life. Talking about it and setting yourself up for success will simply remove undue stress that doesn’t have to exist. If the both of you commit to meeting on a regular basis to collaborate based on the wants and needs you are more likely to be successful.