How to Discuss Money With Your Spouse

According to studies, couples who fight about money at least once a week are 30% more likely to head for divorce. If you do not want to be a part of this statistic, it is important to calmly discuss money and financial issues with your partner. Otherwise, the lack of communication can lead to a series of fights, failed budgets, and lost savings accounts. Follow the tips below to have a smooth conversation and figure out your finances together.

1. Set up a money date.
Add this meeting to your calendar and give yourselves time to focus and actually enjoy your discussion. While money is a serious subject, it does not have to be solemn! In fact, you can make a date out of the occasion by going to your favorite restaurant or cafe and having a nice time discussing your financial future.

2. Share your financial plan.
A financial plan can be as simple as a letter detailing your money history and goals. You can start by talking about how your family handled money and your present financial habits. This will give you both insight on the money mindset of your partner.

3. Ask questions.
After reading the financial plan, invite each other to ask questions or clarify points in the outline. More understanding will come out when you dive deeper into your financial lives. This is also your chance to address issues that your spouse may have not addressed but you find important. Talk and ask questions. There is no right or wrong here. The point is to have an honest discussion so you can figure out how to move forward together.

4. Have a team mindset.
Write your budget and goals using words like “we” and “us” instead of “me” and “you”. Remember that this a partnership so you must work together to achieve your goals.

5. Listen to each other.
If there are disagreements, find the root cause of the problem. If your partner is uncomfortable saving $200 every month, ask why and listen to the concerns raised. Your budget will only work if both of you are on the same page.

Ian Schindler