February is the month for celebrating Valentine’s Day, love and relationships. What could possibly disrupt our feelings of love...well, money. Money is often a trigger of conflict in romantic relationships. Money can seem taboo. Most of us did not grow up learning about money in school or in our households. Learning how to communicate about money is critical to a healthy relationship with your partner.
Conversations with your partner about money must start with the right intentions and come from a proactive place. When your checking account is overdrawn, and you have an emergency arise is NOT the time to start these conversations. This will result in a reactive money fight!
I recommend scheduling a financial date with your spouse. Set up a special time to start the money conversation. It is often best to lay a foundation and understand what your partner’s money story is. Our money story is the past experiences we’ve had with money and how these experiences shape us – good or bad. Our current behaviors, fears and goals stem from this money mindset which is often established at a young age.
Some good questions to ask on your date include: What is your earliest money memory? What did you learn as a child concerning money? Do you worry about money? All of us will have our own unique story. When we can share and discuss this openly with our partner it brings awareness, perspective and often empathy for one another.
These conversations about money should be an ongoing, open dialogue. Having regular financial dates with your partner can help you build a money plan together and create systems to harness the power of each other’s strengths. This can help you reach your financial goals together!
Information in this material is for general information only and not intended as investment, tax or legal advice. Please consult the appropriate professionals for specific information regarding your individual situation prior to making any financial decision.
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