Valentine’s Day: Tips for talking money as a couple

In the lead-up to Valentine’s Day, we’ve put together a few pointers about how to start money conversations with your partner.

When most of us think about romance, talking about money probably doesn’t come to mind. For some couples, it may even be one of the least romantic topics. However, over the longer term, coming to a mutual understanding about finances can help build trust, as well as a sense of security and well-being. With that in mind, here are some ways to approach the topic with your partner.

1. Make time for it in the schedule

While you may not wish to spend Valentine’s Day talking about school fees and retirement, think about setting another night aside for a conversation about future spending, saving, and goals. You’re unlikely to cover it all in one sitting, so consider breaking down the conversation points over multiple nights or weeks. Some couples like to set up a ‘money date night’, where finances are the main topic on the menu.

2. Expect and respect differences

We all have different attitudes and philosophies when it comes to money. That’s part of life. Expect that you and your partner will disagree on certain aspects, but come up with some ground rules to manage these disagreements. Money can be a sensitive topic for some people, so try to approach the dialogue from an empathetic point of view. In some cases, our attitudes come from past experiences, so broadening the conversation to the ‘whys’ may help to build your understanding.

3. Look at both the big and small things

Some money decisions won’t move the needle in the scheme of things, such as who picks up the bill for the coffee at the local shop. Others, however, could be life-changing – such as where you’ll live, whether you’ll have children and how you’ll retire. However, learning about both the big and small things can help to build that understanding of how you and your partner approach financial decisions.

4. Consider speaking to an expert

If you and your partner need a third perspective to navigate your money decisions, you could consider turning to a qualified financial planner. These professionals can help you to narrow down your goals and come up with personalised strategies to achieve them, including budgets and debt plans. Police Bank has a relationship with Chelsea Wealth, if you’re considering going down this pathway.

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