How to Approach Talking to Your Significant Other about Money

Feeling a bit uneasy about the conversation? Don't worry, it can be relaxed and natural. The key is to be honest and approach it with confidence.

Initiating the Conversation

It's likely that neither of you feels particularly excited about this topic. Take the initiative and start difficult conversations. Remember, this is your partner, they respect you, and together, you'll work through everything as a team. Discussing financial planning early on can help set the stage for a secure future.

Being Transparent

If you have student loan debt and any other unpaid balances, you should be open, honest, and upfront. Hopefully, this will encourage your partner to do the same. Being transparent allows for you to talk about any big problems before it's too late. This approach not only strengthens your partnership but also sets the stage for mutual support and teamwork in managing your finances. It's important to discuss financial goals and how to budget together to ensure both of you are on the same page.

Topics to Discuss

Once you both feel comfortable being open with each other, it's time to create a plan of action. Bring your credit report, credit card statements, and any other important financial documents to the discussion. Be honest about your debt, and if your partner has debt, avoid making them feel bad about it. While you may not be responsible for paying off their debt, you can provide support and encouragement. It's also worth discussing income. If one of you earns significantly more than the other, it might make sense to contribute based on a percentage of your income rather than splitting costs evenly. You should also discuss how to budget as a couple, and lay out things you can both improve on financially.

Setting Financial Goals and Planning for the Future

Now that everything is on the table, you should consider talking about what's to come. If you have specific goals for your finances, talk about them with your partner and see what they think. Maybe it's time to start thinking about long term goals and consider a combined financial future.

Talking about money doesn't come easily to anyone, but don't let that deter you from having open conversations. Whether you're in a serious relationship or you're single, we're always here to help you reach your financial goals.