Talking About Money – Tips For You And Your Partner

Here at Wizzcash, we understand that talking to your partner about money is no simple task. Many individuals out there actually actively avoid talking to their significant other about their personal finances. For those people who do want to talk to their partners about money but just don’t know how, where to begin or even what to do when in conversation then this guide could provide you with, at the very least, some of the information that you might need to help you deal with and manage this situation.

We will split this guide piece up into three sections. Starting with the bringing up of the topic, moving into what to do when the conversation starts. Finishing on what to do once the conversation has concluded; with the hope that it opens up the door to significant discussions, or otherwise proliferates meaningful discussion. Whatever your intentions regarding these conversations are, the benefits of talking about money with your partner can be widespread and profound.

So, Where To Start?

  • Choosing the right time to enter into these types of discussions can be vital to their success. You should attempt to make sure that you are both in the right and appropriate frame of mind before broaching the topic and not otherwise actively engaged with another task, engrossed in a work matter or avidly watching a TV show/film. Typically, these types of conversations are best saved for the weekend, when relaxation levels are highest, and not after work when stress levels are potentially still at their peak.
  • Finding a place where you will both feel comfortable discussing financial matters is important. A location that is calming, clean and tidy could be a good start. You will know where your partner feels most comfortable, and it would be a good idea to build your decision around personal knowledge regarding preferences.
  • Start off lightly and try not to jump straight into the heavy/emotive and/or overly stressful issues first. You could take small steps into the conversation and attempt to read their emotions as best you can. You should try as best you can to avoid making your partner feel uncomfortable.

What To Do When The Conversation Begins

Of course, if there is a particular issue that demands discussion (such as yourself having just been made redundant, for example) then you could (once the gentle introductory steps have been completed) begin discussing this whilst making sure that the conversations are proactive and productive. However, if you just feel as if you need to talk to your partner about finances (which could be especially necessary if you have never spoken about them before) then the following tips may well just be able to provide you with assistance and/or guidance.

  • Being ready and prepared to talk and discuss finances at length could provide a massive benefit to the conversation as a whole. However, you should also be ready and prepared to listen to any and anything your partner has to say on the matter.
  • Speaking about your beliefs surrounding money and finances could be a great way to not only get to know your partner better but also to understand each other’s viewpoints and perspectives on personal finances. Another good way to learn more about your partner’s beliefs could be to ask about how they were raised regarding money, or what lessons were imparted upon them by their parents. This could also help you to better assess and discuss financial situations in the future.
  • If there is something particular or specific that you want to know about your partner’s financial situation then you could have this question or subject in your head before-hand and work up to it. Once you reach a point at which you feel as if the time is right to ask this question, try to be forthright in asking and also try not to beat around the bush as this could lead to frustration.
  • Timing can be key in these situations. If there are serious details to be discussed, such as credit card debt or other issues of this type then try to time these as best you can and be as tactful as you possibly can. An extension of this point could be that you do not discuss the more serious matters during your first conversation about money, you could wait until the third and forth conversations. This could help you both feel more comfortable and understanding which could in turn lead to a greater end result for each of you.
  • Being prepared to share. If you are asking about your partner’s income, their debts, their savings etc then you should be prepared to be just as open with your partner in turn. This means holding nothing back and being as transparent as you can be.

As The Conversation Winds Down

  • When you have discussed all that needs discussing or spoken about your finances at length and each party is satisfied that the conversations have been productive, or if they have reached their natural conclusion, it could be a good idea to set and establish expectations. These expectations can be broad or more specific and will most likely be reflective of the financial situations that one partner or both are currently experiencing. You could also set expectations that reflect your careers or earning potentials, the choice will be entirely yours.
  • Another thing that you could do with your partner (which is extremely valuable) is to set shared goals. These goals can be managed together and you can also work together in order to achieve these goals. A perfect example of a shared financial goal would be to start a savings account together. This can be a savings account with a specific aim or purpose, such as saving money for a holiday together or for putting money away for a mortgage.
  • Our last point would be to try as best as you can to make sure that this conversation about your personal finances is not the last. As you have now broken the ice, further discussions regarding money could be easier and more valuable. Your relationship with money will also evolve over time so consistently touching base regarding each other’s positions could be a very important exercise.

To Conclude

We sincerely hope that you have found the information within this guide useful and we also hope that you are able in the near or distant future to talk to your partner about money and personal finances. As a short term loan lender, we understand here at Wizzcash that sometimes loans or emergency borrowing may well form a part of your discussions around money. You could find out more about our payday loan or to learn more about Wizzcash then please click here.