There are four words people rarely ever want to hear in a relationship: "Let's talk about money." In a perfect world, your partners' money situation wouldn’t matter, but unfortunately, we live in the real world, and they do. To avoid all the stress that comes along with the conversation, follow these tips to talking about finances with your partner.
Watch their behavior.
Don't go into the conversation blind. Gather some information by observing if your partner is more on the frugal side or if "big spender" could be their nickname.
Set a date to have the conversation.
Talking about money is never easy, especially for the first time. Rather than surprising your partner with that request, the two of you should both decide on a day and time that you're going to have the conversation.
Watch how you word things.
Even if your partner’s spending habits bother you in some way, avoid using accusatory language like "Why would you do that?". Instead, phrase things like "Can you explain how you accumulated this debt?".
Discuss specific topics.
If you have a game plan for the conversation, it will go that much smoother. Discuss the debt each of you has and how you're paying it off, as well as each other’s spending habits and assets.
Offer help.
Perhaps one of you is very good at budgeting, while the other is good at paying off debt. Offer each other advice on how to effectively manage your money so you both can be on the same page financially.
Finances don’t have to be scary when you have a little help. At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From preserving your wealth to estate planning, we’re here to help with anything you may need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.
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