Mixing Love & Money
Creating a money partnership with your partner
In every sense of the word, a relationship is a partnership between two people – and that means being open to discussions around your values, beliefs, and habits, finding ways to compromise so each partner can achieve their goals and dreams, and setting healthy boundaries that respect and celebrate your differences. Creating a healthy money partnership with your partner is built on these same foundations. If you have a partner, or your future plans include the possibility of one, there are some important considerations and decisions to make as you take your first steps together.
The First Step is Understanding You
Before “you” and “they” become a “we”, you are each an individual with your own perspectives. Your first step is to gain a solid understanding of your relationship and attitude toward money. Think about your values, evaluate how you manage your finances, and review your short-term and long-term financial goals.
Knowing how you deal with finances and your attitudes toward money first ensures you stay true to yourself, and you’ll be able to share these beliefs and boundaries with your partner. It will also help you understand where you can make the necessary compromises that ensure everyone can reach their goals and dreams. And, you will be better positioned to stay active in the decision-making process if you know what you’re both working toward.
Interested in learning more about your relationship with money? Look no further than this article, then give us a call to continue the conversation!
Start the Conversation
Every happy and healthy relationship is built on a strong and equal foundation, and that is made easier by being open and honest. That’s why it’s important to start this conversation early – but don’t worry, it’s never too late to start! Here are some ideas to help you get started:
Plant the seed. Make sure both parties come to the conversation prepared: Make a list of topics you want to discuss and share it ahead of time. This ensures no one is caught off guard, and everyone can bring thoughtful ideas to the discussion.
Put it on the schedule. Just like setting up an automated transfer of money to your savings account helps you save more, we’ve seen a lot of successful families set regular time in their calendars to ensure there is ample time to sit down together. Use these regular check-ins to discuss upcoming expenses, review the budget, and set goals.
Choose a comfortable setting. For some couples, this might be in a cafe, or on a walk in the park, or at the dining room table. Regardless, find a place where you’re both comfortable so you can keep the conversation flowing.
Keep Talking
The money conversation isn’t a single conversation – it’s an ongoing discussion, particularly as our attitudes and behaviours, income and expenses all change over time as we evolve and grow. Being on the same page means always checking in and being ready to tackle the obstacles and opportunities ahead. This becomes particularly important as you are facing a life event such as changing jobs, starting a family, major expenses.
Some of the topics you might want to cover on a regular basis include:
Your evolving financial goals
Sorting out budgeting differences
How to split expenses
Your personal and financial goals
Planning for the ‘what-ifs’ that come with life
Stay involved and stay open
When it comes to money trouble with couples, it’s usually one of two issues: either one partner leaves the responsibility of managing finances to the other person, or secrecy creeps in. As a couple, find ways to create a safe space to learn and grow together.
Bring in the experts
When it comes to some of the major life events, such as building a financial plan for two, buying your first house together, managing finances with your growing family, or planning for your retirement, it can help to have an expert in your corner, who can help you navigate the intricacies of bringing your finances together. We’re here to help! Simply fill out our form and we’ll get the conversation started with you.
As a couple, how you mix your finances throughout your relationship is entirely up to you. It’s unique to your situation, your views, and your plans. Part of the joy of a happy and healthy relationship can be working with your partner to uncover the answers to these questions, and finding ways both of you can support each other on this journey through life.
