Money Talks - By Abby Smith
Several years ago I took class about finances, and financial planning. One of the things said on the first day was that if a couple can talk about money they can talk about anything and that their ability or inability to talk about money reflects the health of the relationship. Money, what it means to us and how we spend it is very personal and talking about money can make us feel vulnerable or anxious. It is important to be able to discuss money with your partner – the health of your relationship could be at stake. It may be difficult to start the conversation, but
A few things to bear in mind as you talk about money:
1. Be Honest – don’t be afraid to talk about money mistakes or where you have come from. A little bit of grace could be in order for one or both you here.
2. Make a Plan – Plan a time to talk about money, perhaps a monthly or quarterly budget talk.
3. Work Together – Don’t allow one partner to do all of the work balancing the accounts. Really listen to your partner and value their input.
4. Keep the Conversation Going – As you openly talk about your finances, continue the conversation with probing questions:
• Who is managing the money? Do you like to do? Does it create tension in our relationship for you to do it?
• What are your personal goals?
• What are our goals as a couple? As a family?
• Are we saving? What are we saving for? (Home, college, retirement)
• When do we want to retire?
• Do we want/have children? How much do we do for them? (Education, cars, college, a financial legacy)
• Where and how much do we gift of our money?
The list of questions can go on and on, but the take-away should be to talk and keep on talking. The conversation will help unity in your relationship. Need help getting started? Call us at Legacy; we’d love to talk with you!