Talking about finances can create an uncomfortable or awkward atmosphere between couples. Whether it’s your first meeting or you’ve been in a relationship for years, these conversations can be difficult and require compromise. As uncomfortable or sensitive as this topic may be, these types of conversations are essential for establishing a strong financial future for a couple. This article will provide step-by-step guidance on how to approach awkward financial talks between partners in the most productive way possible.
Why Is It Important To Talk About Finances With Your Partner?
Having a successful and healthy relationship involves more than just emotional connection; it also includes financial and practical matters. Financial topics should not be overlooked and should be addressed within the confines and boundaries of your relationship.
Not discussing finances and an apportioned budget can lead to financial issues and dissatisfaction when it comes to difficult decisions such as planning a wedding, having children, launching a business venture, or investing in further education. The bottom line is that talking about money will help keep both partners in the loop regarding each other’s financial commitments and goals.
Before You Begin The Conversation
Before you actually sit down and talk about financial topics, you must do some planning and preparing ahead of time. Here are a few steps you can take to ensure you have the most productive and effective conversation possible:
· Agree on a Time and Place to Talk
Whether it’s in a comfortable park or in the shade of your own backyard, be sure to agree on a safe and comfortable location in which to talk about your finances. Talk at a time when you are both relaxed, with plenty of time to discuss the topic at hand.
· Determine Your Goals and Objectives
Establish clear objectives in advance so that you know what the conversation will cover. Make sure these objectives meet both partners’ needs and expectations, and ensure that everyone is on the same page.
· Identify the Needs of Both People
Before you start the conversation, identify the financial needs of both people in the relationship. This allows you to go into the conversation with realistic expectations and negotiate what is achievable.
· Set The Tone
Make sure to approach the conversation with a positive attitude. Remain calm, relaxed, and open-minded – no matter what disagreements or misunderstandings arise. Respect each other’s points of view and you’ll be able to move forward in the discussion without any feelings of acrimony or animosity.
· Leave The Emotions Out
When discussing finances, strive to focus on each other’s needs and wants without getting wrapped up in emotions. Avoid blaming or accusing one another. Have respect for each other, and focus on reaching a mutually beneficial agreement.
During The Conversation
When it comes to actually having the conversation, keep in mind these useful tips to help keep the conversation productive:
· Be Gentle and Calm
Conflict resolution is always better when done calmly and gently. Use “I statements” rather than “you statements” when you express your opinions.
· Come With Solutions
You should come to the conversation with potential ideas to resolve the financial issue. Showing that you are capable of compromise will help your partner understand you’re willing to do whatever it takes to make that compromise.
· Be Open to Compromise
Financial decisions often require compromises. Both parties should be willing to compromise in order to come to a resolution that works for everyone.
· Offer Practical Advice
If you are knowledgeable about investing or financial matters, offer practical advice to help your partner make the best decision possible. Strive to take the high road and offer advice that is practical and direct, without any judgement or criticism.
· Take Breaks
If and when the conversation gets heated, take a break. You need some breathing room to cool off and wrap your head around the discussion. This will also give you a chance to come back to the conversation without losing momentum.
· Remain Positive
This might be easier said than done, but it’s important to remain positive despite any disagreements. Strive to stay focused and productive, and keep your thoughts rooted in the desired outcome of finding a beneficial solution.
· Set A Follow-Up Date
After you have discussed the finances and come up with an agreement, set a follow-up meeting in order to hold each other accountable and revisit any misunderstandings.
It can be difficult to discuss intimate and personal financial topics with your partner. But it doesn’t have to be uncomfortable, as long as you are armed with a little knowledge and the tools you need to have a successful financial conversation. Remain positive and respect each other, and you’ll be able to come to a mutually beneficial agreement. With these steps, you’re sure to have productive and positive financial talks with your partner!
