Money Talk with Your Partner

 

Communicating openly about managing your money is a big part of having an honest and trusting relationship. We've compiled six tips to help guide you in this super-important conversation.

Broach the topic with your partner a few days before you want to have the "Big Money Talk" and ask if you can have an open discussion about money sometime soon. This way, you both will be ready to focus on the conversation and won't be caught off-guard. 

Instead of starting the conversation by bringing up a time your partner overspent, talk about a vision you both can share. For example, you can show an interest in how wonderful it would be to take a luxury vacation to the Cayman Islands or how you'd love to start saving for a home. This way, you're putting a positive spin on your money talk, setting the tone for the rest of the conversation.

Your partner will have their ideas about money management, and you may be surprised at the insights they have to share into your spending habits or expensive vices.

You may decide to share expenses and pool your savings at a certain point in your relationship. If you plan to discuss the topic now, talk openly about your feelings to avoid future resentment. For example, if you earn more than your partner, should you split expenses evenly? Can one partner take additional financial responsibilities instead of contributing an equal amount of income to the pot? All of these questions, and more, are important to discuss up front.

At this time, consider linking one of your accounts or opening a shared account at CRCU. 

Sometimes, you want to splurge without having to explain the purchase. You may also want to spend money on a surprise gift for your partner without them knowing you've just dropped a large sum of money on something. Having a slush fund, or money set aside for your "just for fun" spending, can help you maintain a sense of independence and keep some of your purchases private. You can keep this fund in a separate checking account under your name at CRCU.

It's a good idea to chat about finances once a week or every two weeks. You can talk about recent purchases, large expenses coming up soon, surprise bills, and more.

Be sure to stick to your commitments and to bring up any money issues that may arise during your regular money talks for continued harmonious collaboration about all financial matters.