Discuss Your Finances With Your Spouse

Budgeting March 4, 2020

”Let’s talk about money, honey!”

When you say ‘I do’ at the altar, you are not just responsible for loving and caring for each other. Fidelity is not the only expectation! As a couple, you must discuss the finances as well. Talking to your spouse about the finances may not be on your priority list, but it is important to know each other’s financial position. What about transparency? As husband and wife, you must be able to talk about everything comfortably. Not talking about finances leads to more fights, misunderstanding, and a busted monthly budget.

Money can also be a reason to put an end to your happily married life. Here’s a post that talks about the need to discuss your finances with your spouse. Let’s not forget that you and your partner are companions for life. We will share the ways you can make the whole process of ‘money discussion’ easy and less awkward. Let’s cut to the chase!

Thinking about OUR future

As soon as you get married, there is no ‘I’ or ‘You’, there is just ‘US’. When you are discussing about finances, bring in words like ‘we’ and ‘us’. This helps in building trust and you are able to work towards a common goal.

Marriage is all about partnership, and being a dictator does not work well in this institution. Considering you are partners, you should be able to discuss each other’s strengths and weaknesses. If your partner is a big spender, point it out and find out ways to save more. Create a monthly budget together and make sure you are not scoring points or arguing.

Please know that you are not in a war zone! Discussing finances is a part of being married. You will have difference of opinions, but that is the beauty of a relationship. You both learn something from each other! Our suggestion – ALWAYS think about ‘we’ and not ‘me’.

The Much-Awaited Money Date 

Discussing finances does not have to be a serious and boring talk session. Invite your spouse for a date to discuss the finances and future plans. Pour a glass of wine and do not think of it as a heated discussion. You got married for a very good reason and you should be able to discuss anything under the roof. Make sure you find a place where you are not distracted by loud music, children or too many people.

Keep your phone on silent and focus on the important issue. Money matters are important, especially when you are building a future together.

This ‘money date’ should be all about discussing your retirement plans, monthly budget and future investments. If you are newly married or are planning to have kids, this is the best time to plan your family’s future.

In fact, take your laptop or a diary and pen down all the things you discuss in this special money date. When you agree with each other, the after-date can be quite rewarding!

Asking Clear Questions

You are no longer in that boat where everything needs to be said in an indirect way. You are a couple and hiding little details is a silent killer of relationships. When you are out for a date or are discussing your future, ask your partner the following questions:

  • What are your retirement plans?
  • Do you plan to buy a home?
  • How long are we going to live in a rented home?
  • Do you plan to take a loan?
  • When do you wish to retire? (Some people have the option of retiring sooner! It is a personal choice.)
  • How are we going to save up for our kid’s future?

All these questions are pretty basic and straightforward. Your partner has to be honest with their answers. This is about your family’s future! The financial situation should be crystal clear. If both husband and wife are working, they can figure out how much money they should be saving each month.

In a nutshell, be clear about what you want to ask to your partner. There should be no doubts or misunderstandings. After all, your partner is the only person whom you can rely on. And it is not just his/her future, YOU are also a part of their life now.

The Heartfelt Yet Practical Letter

If you are not able to sit down and talk about it, write a letter to each other. Let’s do it the old-school way! Write a letter to your partner about your financial plans and how your family did it. This will give you a quick sneak peek into what their money mindset is like!

Sometimes, you are not sure about your partner’s thinking and a letter could really help you to open up without feeling awkward. You must also discuss as to who would be responsible for handling the money! Should you have a single bank account or a joint one?

Also, you can write down your retirement plan.

Concluding Thoughts

There comes a time when you would require a loan for your child’s education, wedding and even building a home. Everyone wants progress and change! There are loan shops in the United Kingdom through which you can take a loan and pay it back in due course of time. Now make sure you are choosing a reliable platform to take a loan.

All your dreams will come true! The only change after marriage is that your dreams become ONE. These dreams will come true when you discuss your finances. Together, you can reach for the stars! On second thoughts, taking a loan is not such a complicated task.

Discuss it with your partner and think of all the to-do-things in your future list. Buy a home in a safe vicinity? Send your kids to the best college? All this can happen with better planning or a loan perhaps!

FIX A MONEY DATE with your partner and listen to each other’s plans and aspirations.

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