Oct 092018

Talking Money with Your Partner – Getting Started

Posted on October 09, 2018 Uncategorized

Talking Money with Your Partner - Getting Started

 

As many might already know, finances and money stress is one of the leading causes of arguments between two people who are in a relationship, marital or otherwise. Whether it’s over big-ticket purchases, overspending, debt, or excessive bills, any kind of financial strain can also lead to stress at home. However, as many couples can attest to, there are ways you can work with your significant other to lessen this stress. Here are a few tasks you can take to get on the same page when it comes to your money.

 

  • Find out your partner’s hot buttons when it comes to money. Some people have a hard time saving money, whereas others save as second nature. Similarly, some people have quite a bit of debt, and others are free of debt. Once you’re at a point in your relationship where your finances are intertwined, it’s important to learn where your partner is on that spectrum. If you happen to be on opposite ends, make sure your conversations about money stay positive, and focus on discussing how you can accomplish those goals together using both of your strengths.

 

  • Set goals with your partner. No matter the time frame, you should always have some sort of financial goals. Short-term goals can include anything from mini-vacations, making a big ticket purchase, or paying off a credit card balance. Longer term goals can, of course, include buying a home, having children, and planning for retirement. When you go over these goals with your significant other, take an estimate on how much you’d need to save for each goal, and set up a savings account for it. If you don’t already have a savings account with us, visit one of our branches and we can help you get started.

 

  • Figure out where you stand in your day-to-day financial roles. In so many relationships, there’s usually one person who handles the bank book, making sure bills are paid on time and handling most of the shopping for the home. But everyone has their own strengths and while one person might not be great at keeping bank records organized, their partner might be more on top of the organizational side of things. Once you’ve both figured out your strengths when it comes to managing your finances together, delegate “jobs” to each other so you don’t have to worry about one of you forgetting something.