Why talk to your partner about money? It’s no secret that communication is the cornerstone of most successful relationships. In fact, I’d bet good money that you’ve heard the phrase, “communication is key.” While communication is good practice regarding all things relationship, it’s especially important when it comes to money. A 2015 Study conducted by TD Bank showed that couples who regularly talk about money are happier in their relationships than those who discuss finances less frequently. In case you’re not already convinced, I’m going to share 4 reasons why every couple should talk about money.
Table of Contents
Joint Vision
Talk to your partner about money to create a joint vision.
You may have very different ideas about what constitutes success. However, if you never talk about money and your goals you won’t even know if the reason you have problems with your spouse is due to huge differences in those goals. For example, for one of you, home ownership might be an important way that you define success. The other partner may prefer to rent, due to not wanting maintenance responsibilities or some other reason.
You won’t know if you don’t talk about it. When you find out that you have different ideas, you can try to forge a middle path that can help you both. For example, instead of buying a house, you may choose to buy a condo to cut down on some of the maintenance concerns.
Goals
Talk to your partner about money to achieve goals.
Goal setting is a sure-fire way to get things accomplished. While setting goals as a couple is great, it’s okay to have goals as an individual too. It only becomes problematic when two halves of one whole are working at cross purposes. In order for the goal to:
- A: be accomplished, and
- B: be accomplished without incident (i.e. without causing conflict in your relationship).
Both parties should be on the same page. If you want to make sure you’re both on the same page about a goal, talking about it can only help. Even if you don’t want the same things, understanding why it’s important to the other spouse can go far in helping make it something you are concerned with too.
Shared life goals are an important part of marriage. Saving for the future so that you can travel, or check things off your bucket list is a wonderful way to plan your finances. It gives you both something to work for and plan for in the future.
Even though you put your incomes together you each likely have your own individual goals in life. For example, maybe one of you wants to go to graduate school, or start their own business, discussing this through finances is a good way to ensure that all your goals can be met together.
Avoid Problems
Talk to your partner about money to avoid problems.
If you never talk about money 20 years can go by without either of you paying attention. You may wind up with no savings, and no future. This is not a good thing. While you can ensure that you save enough with a plan going about things without a plan is only asking for problems. Talking with your partner about money inherently opens the floor to understand your financial landscape. Having that insight into your financial reality makes planning that much easier, and that takes us into reason #4.
Ensure Your Financial Future
Talking to your partner about money helps to ensure your financial future.
Nothing is going to happen without you and your spouse doing something actively to put money in savings, in investments, and keeping your debt low. Granted, you could hit the lottery or inherit a long lost relative’s fortune. Realistically speaking, those chances are pretty slim. If faced with a “red pill” or “blue pill” scenario, with the lottery or planning being your options, choose the latter. You’ll stand a greater chance of securing your financial future by simply talking and planning action steps with your partner. If you are both on the same page, and discuss and make plans together, it’s more likely to happen the way you envision it.
Conclusion
Talking about money doesn’t have to be hard. For tips on how to budget with your partner without fighting, check out this article. After all, money is only one part of your life together. But, it’s what is going to help you meet your goals and live happily ever after. Talking about money and setting yourself up for success will simply remove the stress that doesn’t even need to exist. Do yourself a favor, and start talking to your spouse about money today.
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