How couples can have better money conversations

How couples can have better money conversations:

Every couple I’ve met has a Chief Financial Officer and a Chief Fun Officer.

It might be more obvious in some couples than others, it can change with time or depending on the topic (vacation planning VS daily expenses), but the split is there.

Money is a topic that can be uncomfortable to talk about.

But, Money problems are the #1 cause of stress and #2 leading cause of divorce.  

So, how you talk about it can be your greatest strength or weakness. 

My wife and I have jointly managed our finances for 6 years through different phases: together but living separately, living together and now, married.
The actual set up of our Finances and how closely we align goals changed with each phase (to be covered in a future edition).

But, 1 thing was constant: open conversation.

Here are 3 tips for couples to have better Money conversations:

1) It’s the two of you against the financial challenge 

Money conversations shouldn’t be seen as  "me vs. you". 

Frame it as "us vs. the problem". You’re a team with a shared responsibility and goals.

2) Accept your differences

You and your partner likely have different financial backgrounds, habits, and priorities. Understanding and accepting these differences, rather than trying to force alignment, is key to finding a system that works for both of you.

Take the time to truly listen to each other's perspectives and be willing to compromise. For example, if one of you is a spender and the other a saver, explore budgeting strategies that allow for both guilt-free spending and consistent saving.

3) Be Proactive:

The situation I don’t want to find myself in is where most of my money conversations are happening when a stressful problem has come up and we have to find a solution.

Tensions are high, the pressure is on and you have limited time to find a solution.
These conversations WILL happen. But, I don’t want them to be the only (or most) of the money conversations we have.

The solution ? Be Proactive.

1. Have Joint Goals. I love having shared financial goals. They create a sense of common purpose and give financial conversations a positive focus.
   It can be something like planning a dream vacation or even a down payment on a house.
   This shared vision will help you stay motivated and make working together on your finances more enjoyable.
   

2. Schedule Money conversations (monthly, quarterly, yearly) where you check in on things like “How are we trending towards our goals ?”, “Did we encounter any challenges ?”, “Do our goals still make sense ?”, “What did we do well ? What didn’t we do well?” (to be covered in depth in a future edition).

TLDR:

1) It’s the 2 of you VS the financial challenge

2) Accept your differences

3) Be Proactive by having Joint Goals and scheduling money conversations

But, these are by no means the only tips. What other tips would you share ?

The information contained in this newsletter is for general informational purposes only. It should not be construed as financial or investment advice. Please consult a qualified financial advisor before making any investment decisions.