Are you planning to move in with your partner or getting ready to walk down the aisle? No matter what phase you are in in your relationship, it’s important to have a holistic picture of your partner’s financial habits and to be able to have productive conversations about money. While discussing finances might not be the most romantic date night conversation, it’s important. By communicating openly with your partner about money matters, you can improve your relationship and your financial future too.
Here are three tips to help you take the sting out of discussing finances with your partner:
- Understanding each other’s money mindsets
Does the subject of money raise the hairs on you or your partner’s neck? If yes, it’s time to put your financial baggage on the table. If your weekly trip to the grocery store has you snatching the generic named cereal while your partner turns to brand names, stop, and think about why before battling it out in the grocery aisle. Differing in your cereal brand options might not spell the end of your romance, but it underlines the money values that you both hold. Perhaps money was tight growing up, so now you’re pinching pennies at the grocery store – this could be rooted in your need for financial security. Alternatively, your partner may have grown up in more comfortable financial circumstances making them more open to selecting items with a higher price tag. Whichever camp you fall in, you and your partner must get on the same financial page. By having candid conversations about your individual financial experiences, you could build financial trust and alleviate any tension before your next trip to the grocery store.
- Budget for shared goals
Do you or your partner have the travel bug, or do you want to buy a home? Both these goals require careful financial planning. Start by reviewing your individual ambitions to help you create shared short and long-term goals you can work towards as a unit. But remember, since it’s a goal that you both share, hold each other financially accountable to ensure you can reach these milestones. By having a joint tangible goal, you can build a financial game plan together to achieve it.
“When a couple sets goals together, there is a bit of natural negotiation that happens where each person has a chance to balance what is important to them, as an individual, “says Kathleen Hurtubise, Executive Vice President at Connect First Credit Union.
By working on a financial goal that matters to both of you, you could grow closer as a couple and develop financial habits that could benefit you throughout your relationship. #CoupleGoals
- Plan a money date
If you’re looking to spice up your next date night, consider adding money dates to your calendar! Schedule some time once a month to discuss any important financial topics with your partner – such as bills, budgeting, and spending – to help you better understand what your finances are paying for and ensure you can reach your financial goals. Discussing your finances doesn’t have to be scary. In fact, make your “money date” a night to remember! Consider planning a fun night for you and your better half at your favourite restaurant or cozy up on the couch with food from your go-to takeout spot and a nice glass of wine. By cutting out the distractions such as staring at your phones or T.V., you and your partner can have a quiet night to dive deep into your finances. While chatting about your finances is a serious subject, with a money date, you can have fun at the same time! By creating an enjoyable atmosphere for you and your honey, talking about your finances can feel less daunting and can make it a date you even look forward to.
Become a financial power couple with the help of a credit union… become a credit union member
Money can feel like a silent third partner in your relationship. Whether you or your partner have plenty of money to spare, are struggling to make ends meet, or are somewhere in between, knowing how to have healthy conversations about money can benefit your partnership and your finances. Credit unions are a great financial option to help you and your loved one build a financial roadmap for your future together. Not yet a credit union member? Find your nearest credit union here.