ePrivacy and GPDR Cookie Consent by Cookie Consent Talking finances with your partner is a task worth doing right. This article explains why – and how! | TrustTwo

Talking money: How to discuss finance with your partner

Being in a relationship means you can talk openly about many things, but money is often not one of them. Money is a difficult subject for many couples – with the topic of money being the number-one issue that couples disagree over, and up to 62% of Brits named money worries as a threat to their relationships. 

Nearly all people would agree that it is important to discuss their partner's financial history, but more than a quarter would admit that they tend to avoid talking about finances rather than facing it head-on.

The key to building a brighter financial future with your loved ones is in learning how to discuss finances effectively.

So, how do you do that?

TrustTwo Feb 2 - Talking Money

 

When should you do it?

Finances can be a big sticking point for couples – so judging when to discuss money is important.

Generally, the consensus is that money talk should occur well before a couple gets married, and for good reason - “Money is the number-one source of conflict in couples, particularly early in marriage” says Terri Orbuch, professor at Oakland University and the University of Michigan Institute for Social Research. 

Orbuch suggests talking about how each of you approaches money when you start to consider yourselves as a couple and want your friends and family to meet your significant other.

 

Be upfront about it

Honesty is important in relationships. The money talk is a bridge that has to be crossed, and the way you cross it is important. Knowing each other's respective situations can help a lot in dealing with it head-on and avoiding any nasty surprises.

It is also not uncommon for people to have debt, so it's better to talk about it. A study shows that 46% of people in the UK have unsecured debts – but more shockingly, 17% of those in debt and in a long-term relationship have not told their partners. Talking about it can relieve the tension for everyone involved, and by being honest you can resolve any problems together as a couple.

 

Transparency is Key

It is important to talk about expenses, particularly if you live with your partner. If you are splitting rent, bills, and groceries, the best way to mitigate issues is to talk about the openly and plainly with your partner. However, many relationships operate differently, particularly if you earn different wages. In this case, the same rules apply!

Talk about your expenses, reach compromises that are achievable and affordable for one another, and it only becomes easier to discuss how it is equitable to split the rent – or if there is an easier way to split the costs.

However you decide to approach the conversation, it is plain to see that talking about money makes it easier to discuss your financial situation going forward, and fosters further trust in a burgeoning relationship. As we mentioned, money can cause arguments – and this shouldn't be the case if you are both open, clear and timely in your discussions about money.

If you are struggling for an opening to the conversation, then talk about your own approach to money – including any debts you may have, or what your financial goals are for the future. It should help you and your partner to talk about their own experiences and issues when dealing with money.

Last but not least – enjoy that you have reached this crucial milestone in your relationship, and feel better about tackling finances together!

 

A worthwhile subject to talk about

Thanks for stopping by once more at the TrustTwo blog section! This is a mature subject, and it's a valuable one to get right – we hope you've found this article useful.

If we can assist you with a loan to suit your current financial situation, be sure to stop by our website main page for a handy quote tool.

This article was posted on: 30/04/2019