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Relationships & Money: Healthy Ways To Talk About Finances

February 5, 2019 More than of people in committed relationships admit they tend to avoid money talks. But whether you’ve been with your spouse for years or you and your partner are just starting to think about how your financial decisions affect one another, it’s empowering to talk about your money and financial goals. Ready to have the talk? Here are a few steps to help navigate the money conversation, so you can own your financial future – together.
  1. Make it a date! Try planning a money date where you and your partner discuss your money habits and goals. Initiating the conversation is sometimes the most difficult part, so planning a specific date and time to discuss money can help alleviate those nerves. Keep it casual and talk about the basics of your current financial situation. Don’t worry too much about the hard numbers. Just discuss your goals, values and overall money management style.
  2. Work together. Many couples manage their money by dividing and conquering, with one person in charge of day-to-day household spending, and the other handling long-term saving and investing. But if you can, try to rotate responsibilities or share them equally. Schedule a time to sit down together each month to pay bills, review expenses and check on your savings. Pro tip: Avoid using the word “budget” if possible, as many people associate this word with feelings of deprivation. Instead, have the mindset of developing a spending plan.
  3. Know when to take a break. Money struggles such as credit card debt and student loans are a burden and can add stress to your financial talks. Always be honest and agree to disagree. If the conversation about money gets heated, don’t be afraid to take a break and revisit once you’ve had a chance to cool off. You can also call in reinforcements by scheduling an . They can help you work through these challenges and find opportunities to compromise.
  4. Celebrate your progress. Plan a fun activity like a bike ride or movie for after your money date to celebrate your progress. Talking about money is difficult, and every conversation is a step in the right direction – and should be rewarded as such! Remember: As long as you’re both open to talking about your current or future money problems together, you’re already winning.
Planning Your Financial Future The money conversation, or “money date,” shouldn’t be a one-time occurrence. You and your partner should strive to talk about money on a regular basis. You can also tap into a variety of Summit resources including , and . Then, once you get in a groove with your money discussions, you can start working toward bigger financial goals. With the right preparation, we know you and your partner will dominate your financial world together! And, as always, if you need help along the way, you know . You might also be interested in Q: Our daughter was just born. What should we be thinking about financially? A: Your question around what to think about money-wise shows great parental wisdom. A good start is to envision what you hope she will feel in her own relationship with money in her lifetime. No one wants their kids to be fearful or ill-equipped to handle their money, but we need to envision what we do want for them if we want them to be successful. Picture your daughter responsibly handling money with comfort, contentment, enjoyment and confidence, and take actions to help her make that happen. The holidays can be stressful & that’s why it’s important to prioritize your self-care. Use these tips to reduce stress without draining your bank account. As you prepare for this new chapter of your life as a parent, make sure you are saving to cover the costs of having a baby with our financial planning checklist. The kids will be heading back to school before you know it. Yes, it’s hard to think about backpacks and calculators when you’re swatting mosquitoes and soaking up after-dinner sunlight. But follow these tips to manage spending now and you’ll get to relax and enjoy the rest of summer. More than 25 percent of people in committed relationships admit they tend to avoid money talks. But whether you’ve been with your spouse for years or you and your partner are just starting to think about how your financial decisions affect one another, it’s empowering to talk about your money and financial goals. Ready to have the talk? If your to-do list is growing at the same rate your holiday budget is shrinking, your kids have a bad case of the “gimmes” and you’re wishing you could be just sick enough to stay in bed endlessly re-watching A Christmas Prince, there’s still time to slow this holiday madness down. ‘Tis the season of giving! Giving back doesn’t have to hurt your wallet. Find out how you can make a difference in your community this holiday season. Watching your parents get older is hard and it’s easy to put off having big talks about issues like their finances and end-of-life preferences. But if you don’t have those talks, you won't know how they’d like things handled and, frankly, you might not be able to help without a lot of legal hassles. Summer celebrations don’t have to break the bank. Our four-step plan means affordable holiday fun. Summer’s here, hooray! After months of cold and unexpected snow, it’s time to kick back and enjoy with some fun summertime celebrations.  But as you get ready to kick off the season, don’t leave your money smarts behind. Here are four steps that can help. 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