The COVID-19 pandemic showed us all just how suddenly things can change. Overnight, millions of people had to rethink their financial situation and seek out either new employment or support from the government. Despite this, not many adults want to talk about money at all.

I know I hate talking about money, but it has to be done. To help us all out, Local Financial Advice, a company that helps people connect with FCA-regulated advisors, shared their 5 tips on talking to your partner about money.

  • 1. Establish Trust and Remove Judgement

    Depending on your circumstances, it can be difficult to discuss money with your partner. Relationships can often drift apart when one partner earns more or doesn’t agree with the other’s spending habits. Because of this, trust and open communication are the foundation of every happy relationship. The very same applies to your finances. Your relationship must be one where both of you allow the other person to talk about their financial goals, earnings, and expenses without judgment.

  • 2. Agree On Money Goals Together

    People bring different tastes and attitudes to a relationship. It is possible to share life’s important goals with your partner, but you may have different ideas of how those goals should be achieved in reality. So, you’d like to buy a house together, but should it have two bedrooms or four bedrooms? Does it mean living close to a city or out in the sticks? Discuss your goals together, but be specific about what they mean to you. Depending on the person, there will be elaborate weddings and simple registries. Budgeting can only begin once both of you agree on the size, scope, and importance of your goals.

  • 3. Will A Joint Account Fit Your Lifestyle?

    If you earn your own money, shouldn’t you be able to spend it as you wish? If your partner has this attitude as well, you’ll quickly find that nobody is saving for the milestones you want to reach. The first step is setting your financial goals, but neither of you will succeed with an individual approach to money. A joint account can make things easier for you both. Consider agreeing to a set amount of money both of you contribute into the account. As a result, you’ll create a pot of shared money towards your goals without either of you sacrificing your independence.

  • 4. Be Honest About Your Debt

    Debt is one of the most serious areas of personal finance, and you should discuss it with your partner if it could affect them. Debt is one of the most uncomfortable topics to discuss with your partner. You should be able to talk about debts you’re struggling with and work through them together if your relationship is built on trust and openness. In particular, this applies to any credit card debt, loan debt, or gambling debt you may have. Speak with your partner as soon as possible. It can be tempting to put it off, but this is a case of the sooner, the better. Be as detailed as you can about your debts, their interest rates, and your repayment options. Depending on your situation, you may also benefit from speaking with a financial advisor.

  • 5. Normalize It

    We can become anxious about major decisions when we don’t discuss money regularly. It’s like not driving a car for a year, then having to drive on the highway in the rain. If you haven’t built up your confidence in a smaller environment, why would you be comfortable in a larger one? Don’t wait for big events to talk about money with your partner. Take small opportunities to normalize it and make it an everyday part of your lives together. The British also have a bad habit of only talking about money when we’re spending (usually too much of it). Check your savings accounts and mention what you’re on track to accomplish to break this habit.

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