Benefits of Discussing Money Early in Your Relationship
A recent survey by Afterpay found over 50% of Australians would consider breaking up with their partner for having different money habits. But 15% of Australians have never talked about money in their previous or current relationship.
Building financial compatibility can be an important aspect of any relationship. If talking about finances brings up negative feelings, it could be useful to consider what strategies your relationship has in place to support a healthy, respectful conversation.
Talking openly about finances early on can help avoid future tension and stress around money. It can also help you protect yourself financially if you share finances with someone who gambles.
Gambling Help Financial Counsellor Vicki offers some ways to start the conversation.
Why is it important to discuss money in a relationship?
Money can be considered a more private or taboo topic than others. Many people assume their partner is on the same page when it comes to plans for the financial future without actually asking, and this can lead to tension and stress around money.
“It’s important to discuss what you value in relationships,” Vicki explains.
“Our relationship with money is determined by our values. Our values are the things we believe are important in the way we live and work.”
Talking openly about money can help you understand what your partner values and what they see for the future. It can also help you make financial goals and plans together to ensure you’re on the right track when it comes to spending and saving.
Common Money Mistakes in Relationships
· Not making time as a couple to discuss managing money and financial goal setting
· Not setting regular and consistent time to discuss the family’s financial position
· Not having a clear understanding of the family’s money spend, savings, and overall financial situation
· Not having an interest in the finances and leaving money management to one party.
How to Talk Money with Your Partner
Talking about money can be uncomfortable for some people. There are some things to keep in mind to ensure you have this conversation in a respectful and productive way, such as:
· Listen to your partner with understanding and without judgement
· Agree on common principles for reasonable financial planning
· Enlist help from a qualified finance professional
· Use the same communication strategies that have supported positive outcomes for other issues
· Consider the impact of your partner’s financial decisions on your relationship and how you might approach the topic in a safe, respectful way
· Stay on topic to keep things clear and simple
· Focus on how you feel and what you expect instead of blaming or pointing fingers.
Vicki recommends communicating about money regularly. This will help you normalise money discussion and check in on how you’ve each demonstrated your values in your behaviour with money.
“Set up a date night that involves takeaway or dining out and includes money discussion – and make it fun!”
“Working together will give you better results in all areas of your life including your financial situation. It is worth the investment to make time and learn how to have honest conversations around money.”
– Vicki, Financial Counsellor
If you need help creating a budget or reducing your gambling, our experienced counsellors can help. You can learn more about our counselling service here, or call 1800 858 858 to make an appointment.
Our counsellors can also provide advice if money is a source of tension or conflict in your relationship or you don’t feel comfortable or safe raising the topic with your partner.