It can be awkward to talk about money with your spouse, especially if you’ve been raised to never discuss finances with anybody. However, it’s a very important part of your lives together. Both you and your partner need to have a clear picture of your financial health. Start the conversation early in your marriage or even before you tie the knot. Be honest about debt and spending habits. Work together to figure out a financial goal. This could be a plan to get out of debt, a saving plan, or a retirement plan. And finally, keep the conversation going constantly throughout your lives. You should always be on the same page with finances with your spouse. Talking about money is a healthy part of any marriage that will make your relationship stronger.
How to Talk About Money with Your Spouse: Starting and Continuing the Conversation
Start Early
It’s important to talk about money with your spouse early on. It’s a great idea to discuss finances before you even get married. You should each have some idea of what kind of debt and income the other has so that you can plan accordingly. Once you start living together it’s important to be on the same page with spending and living habits.
Be Honest About Debt
Another important aspect of learning to talk about money with your spouse is to always be honest. It can be embarrassing to admit it if you have debt. However, your spouse needs to know the full picture. Be upfront about your spending habits. If you feel that you have problems with overspending, work together to come up with a solution. Hiding debt doesn’t make it go away.
Work Together
When you talk about money with your partner, you can work together to come up with financial goals. If you can, meet with a financial advisor who can help you create some realistic goals for your money. Come up with a plan to get out of debt, save for your future, save for emergencies, and a retirement plan. Don’t forget to save for things like vacations and home improvements, too.
Continue the Conversation
Finally, once you start to talk about money with your spouse, continue the conversation. You should both be checking in with each other about your financial health frequently. Both partners should have a clear idea of how on track you are with your goals. You don’t want to be surprised by unexpected financial problems. Keeping the lines of communication open will keep you both more on track with your spending habits.
You and your spouse need to talk about money throughout your marriage. After all, our lives depend on money entirely and you now have joint assets. You don’t want any financial issues to take you by surprise. Both of you should have a clear picture of your financial health throughout your marriage. Even if money is tight, this will allow you both to work together to start making things better. Start the conversation early and keep it going throughout your marriage. Be upfront and honest about spending habits and debt. And finally, work together to create some financial goals for your lives together. Whether you have plenty of money or are barely scraping by, tackling financial issues together will make your marriage stronger.