Money talks: discussing finance with your partner

Ashleigh Pano is a Client Advocate with Gilkison Group.

When it comes to discussing finances with a new or long-term partner, it can be a sensitive and difficult topic to navigate. However, having open and honest communication about money is crucial for maintaining a healthy and successful relationship.

From sharing financial goals, to ensuring openness and honesty, here are some key points to keep in mind when discussing finances with your partner:

Set aside dedicated time to talk about money: Don’t try to bring up financial discussions in the middle of a fight or when one party is feeling overwhelmed. Instead, set aside dedicated time to talk about money, such as during a weekly budget meeting or when making long-term financial plans.
Be open and honest: Honesty is key when it comes to discussing finances. Be upfront about your income, expenses, debts, and savings. Be receptive and take into account your partner’s financial concerns and goals as well.
Create a joint budget: One of the most effective ways to manage finances as a couple is to create a joint budget. This can help you both stay on the same page about where your money is going, and it can also help you identify areas where you may be able to cut back or save more.
Establish shared financial goals: Whether it’s saving for a home-loan deposit, paying off debt, or planning for retirement, setting shared financial goals can help you work towards a common vision for your financial future.
Be understanding and supportive: Remember that everyone has their own unique financial situation and background. Be understanding and supportive of your partner’s financial decisions, even if they may not align with your own.
Seek professional help: If you and your partner are having difficulty communicating about finances, seeking the help of a financial advisor or therapist may be beneficial.

So yes, discussing finances with a partner can be a delicate matter, but it is essential for the success of your relationship. If you’re open and honest, transparent about your finances, and you listen to your partner’s concerns and goals, you’ll create trust and respect within your relationship.