Talking to your Spouse about Money – a scary idea or not ?
By Marc Nantel-Legault
Is the idea of talking to your spouse about money a scary idea? While the ability to openly discuss your finances with your partner is crucial to a healthy relationship, for many, money management is still done completely separately. Disputes arousing from money management can be common and in certain cases lead to the end of the relationship.
Bringing up finances can be very awkward to do. However it has been shown that couples who regularly talk about money are happier and also enjoy stronger relationships. If you are looking to start discussing money with your partner, here are our top tips:
Don’t worry about the conversation
Talking with your spouse about money can be daunting, and many people are scared to open up to their partner. Many partners are ashamed to talk about their situation, believing their partner will judge them or even leave them.
However, this is simply not true. Your partner loves you and wants to spend their life with you, so they deserve to know the truth and keeping secrets can only lead to further problems. Sharing this information will also help relieve any pressure or stress you are feeling, and talking together can help you to find a solution.
Know what you want to say to your partner about money
Finance is an incredibly broad topic, accordingly, make sure you know what you want to address with your spouse. Whether it is planning how to save money or to talk about debt, have a clear goal in mind when beginning the conversation.
However, remember it is not a one-way street, so you will need to be open to compromise and listen to what your partner is saying too.
Talking to your spouse about money regularly
Talking about finance is not about having a single conversation. Your finances will be changing continuously, so it is crucial that you are regularly having open and honest discussions about money.
You should also review your budgeting frequently, ensuring you adjust it as required to meet your changing needs.
Begin with budgeting
Opening up about your finances is tough. One of the best ways to get started is to begin with an easier topic. Budgeting is often the best subject to start with. It lets you both openly discuss your income and expenditures in a more open and friendly way.
Working together for a common goal, such as saving for a holiday, can help to break the ice and start you on your journey to a more open conversation on finance.
Speak to a professional
Regularly discussing your finances with your partner is beneficial and relieves stress. If you want to go one step further and set up financial objectives, you may want to consult a qualified professional. For an overall plan, you may want to seek the help of a financial advisor. This professional will analyze your common financial situation, provide an expert perspective on your situation and give clear advice.
How do you find a financial advisor ? Most banks and financial institutions have qualified financial advisors working for them. However with this option you may be restricted to the financial institution’s products and services. For an independent analysis, financial advisors will charge you on an hourly basis or a fixed fee to help you set up a financial plan.
If you or your spouse are struggling with your debts, you should start by consulting a licensed insolvency trustee. Before planning for the future, it is important to have healthy finances to start with.
Need help with your finances?
We can offer a new perspective, giving you a clear insight into strategies and options available to you. Finding the best debt relief solution may help reduce some frictions in your relationship and help you become more open about your finances.
Contact us for a free consultation to assess your financial situation and identify if the consumer proposal is a good solution for you.
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