Financial Topics to Discuss as a Couple

how to talk about money with your partner

How to Talk About Money with Your Partner

Money is a topic that you and your partner should revisit often, and with intention, but it can be difficult to start the discussion. Conversations around finances aren’t always easy; sometimes they can be tense or wonderfully productive, depending on how you approach it. If you’re wondering how to talk about finances with your partner, below are some helpful ways to have money conversations:

  • Remain positive, focusing on each other’s strengths
  • Talk openly and always honestly
  • Prioritize regular financial check-ins with each other

These money conversations can be a great way to help each other meet longer-term goals. At the start of your financial conversations, think about what’s possible and what specific areas of finance and budgeting you need to tackle. How do you want to handle money? How do you both want to make money? And what’s the most direct way to make your money work for your goals together?

Tackling Debt Together

One of the most important financial topics to start with is your current debt. Many couples may be facing a situation where one or both partners hold debt. To start, figure out how much debt each partner carries. This debt may stem from student loans, credit card usage, medical bills, and more. Then, make a plan for building your emergency savings while you’re tackling debt together. You don’t want to find yourself in a spot where you need unexpected funds, and your only option is going further into debt. Having an emergency fund in place helps protect and promote your debt payoff plan.

Debt solutions to try:

  • Budget together
  • Help build each other’s credit
  • Find reduced-fee debt consolidation solutions
  • Minimize expenses together where possible

Finances Associated with Family Planning

An important but often challenging financial topic to approach is family planning. However, it takes off a mental load to talk about financial topics and establish a plan before starting a family. Figure out the answers to questions such as: How much do both partners currently make? And how does the family income change if one partner takes extended time off with the new baby?

Additionally, you’ll want to think about new costs that come with growing a family. Common costs with bringing in a new child include:

  • Pregnancy and delivery care fees
  • Clothes, diapers, toys
  • Food costs
  • Childcare OR parent staying home

There are also ways to lower the cost of raising a child, by investing time and energy in other resources. Regardless, it helps to start a new family with a well-established financial plan.

Budgeting for Moving into a New Home

Another important time to talk finances is when you’re moving into a new home. On average, a local move costs $1,250 and a long-distance move jumps up in price to an average of $4,980.

Common moving fees to plan for include:

  • Packing materials, such as boxes, plastic wrap, and box filler
  • Moving services
  • Fees associated with doing it yourself, which may include truck rental and moving equipment
  • Storage fees if you need a place to store your belongings between living spaces
  • Interim housing solutions which may include carrying mortgage or rent for both your old place and your new one for a month or two

Creating a Monthly Budget Together

Regardless of what financial talks you are having, monthly budgets are a fantastic way to keep yourselves financially accountable, and a great opportunity for a regular money check-in with your partner.

If you’re new to budgeting, there are plenty of online resources for budgeting beginners. To start your budget, you and your partner should think about your needs, your regular habits, and what financial goals you both have.

Some financial goals you might have may include:

  • Building your emergency savings
  • Getting out of debt
  • Saving for retirement
  • Affording a fun purchase or bucket-list vacation

Additionally, when you sit down to do your monthly budget, it’s wise to use a proven budgeting strategy. The 50/30/20 rule has been working well as a budget template for years. The idea is that 50% of your budget should go to needs and essentials. Meanwhile, 30% of it should go to things you want – perhaps entertainment or fun purchases. Finally, 20% should go to savings.

Explore How LendNation Can Help You

Even with the best intentions and planned conversations about finances, emergencies are bound to happen. If you find yourself in an unexpected financial situation where you need money fast, Lendnation is here to help. Our simple application process can be completed  in-person or online. Contact us or apply for a loan online.