How do I talk about money with my partner?
Talking about money with your partner is incredibly important. This is because money and values are intrinsically linked. Moreover, with money as the #1 stress in relationships, talking about money with your partner can help alleviate some of the stress and bring you both on the same page. But – having the conversation can feel overwhelming… Here are some steps to undertake.
A. Set the scene
- Ask your spouse for one night where you talk about your values & life goals. Money is the tool to help you get there!
- If your partner is reticent to comply, blame us! We say it is an absolutely critical step for any serious couple
1. Start by understanding each others money values
- Before laying out the bank account details, it is important to understand your partner’s behaviours, attitudes & beliefs when it comes to money. [LINK TO CONVERSATION GUIDE]
- This will be incredibly enlightening and something every couple, we believe, should do before they get married
2. Determine your combined net position
- If you are in a committed relationship, it may make sense to combine accounts
- Therefore understanding your net position – what is left after you take away all your spending from your earnings. This step takes time but has significant impact on both parties [LINK TO MONEY POSITION]
- Consider each expense as a couple and ask “Is this in line with our values? Does it make me/us happy?”
3. Take action together
- Use both names on bills, loans; share costs and plan for a shared future with shared goals
MoneySmart provides additional information here – https://www.moneysmart.gov.au/life-events-and-you/families/relationships-and-money