“You both need to get on the same page.”
It’s what I tell my clients when I can see an argument brewing as I help them get their finances in order.
Money is an emotionally charged topic. Each person has a different relationship with it.
My job as a financial advisor is to help couples create a financial plan that works for them. But, it requires them to be aligned in how they want to spend and save their money.
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Did you know that money is one of the most common arguments couples have?
The best things in life may be free, but not having crucial money chats comes at a heavy cost to a relationship.
Here are five money conversations every couple should have to get on the same page when it comes to money.
1. Your money goals.
One partner dreams about taking a round the world trip. The other wants to buy a three-bedroom house in the suburbs. Both can be diligent savers but when you’re not aligned on your goals, it could lead to conflict and resentment.
Out of all the money chats you need to have, setting money goals is a fun one. Don’t delay it.
Write down your goals separately and then prioritise each one as a couple. That way each person gets a say and you have a joint plan to make them happen.
2. Your money history.
When it comes to money, your past has a lot to do with the present and future. What people don’t realise is that your attitude towards money is directly influenced by your upbringing with it.
If a person grew up in a household where their parents scrimped, saved and always fought about money, this could put them in a scarcity mindset where they always fear losing money. On the other hand, you could have someone grow up in a home where living credit was the norm, and see them in a heap of debt later on.
This conversation can get heavy.