Why couples must have that talk about money

Your partner may be very cautious while making decisions. That doesn't mean you don't have to have the talk about money as a couple. Here's how you can make your finances thrive together.

talk money
The first step is to understand the differentiated mindset that both men and women possess regarding finances. Women often view finance as a chore while it is a hobby for men.

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There are many stories of exasperated couples that have been nagging their spouses to lend a hand in financial planning but still got no luck. While it is essential for couples to have the money talk, you must also consider encouraging each other to manage your finances as a team.

Remember that to protect your relationship, you should look at money problems together. However, not everyone is cooperative. To address this problem, we’re taking you over some great advice from female financial experts and advisors to help you get over this “eyes-glaze-over syndrome” and be a couple that thrives on synchronized finances.

How to have the money talk

The first step is to understand the differentiated mindset that both men and women possess regarding finances. Women take a more objective and goal-focused approach, while men are more concerned with performance. Hence, the real topic of any financial topic should be the goal and not the numbers. This can be related to the goals of buying a car, house, or collecting funds for your kids’ education. 

Researchers have pointed out that the talk of money makes some people uncomfortable. The main contributing reason to this can be a lack of confidence, however, the knowledge they have is far more powerful than they decide to reveal.

Many experts who have dealt with couples in the past, point out that if your partner seems uninterested at first, take the front seat of action. Your partner may be very cautious while making decisions. That doesn’t mean you don’t have to have the talk about money as a couple.

Taking baby steps at a time

The key is to take small steps each time. Women often view finance as a chore while it is a hobby for men. Hence, if you want your wife to be more involved, it is best to tackle finance in the form of a chore. For example, cleaning one closet each time. The first step doesn’t have to be much complex. It can start with assessing bank accounts for leaking money or bills and work from there. 

Timing also plays a significant role in the matter of finances. For example, monthly emails are good but a quarter or yearly talk for sitting down is the best way to make it more enticing.

If your partner is not getting indulged, you can instead talk about how it feels very frustrating to see that your partner isn’t involved. Let them know how it would be a fearful thought that if anything was to happen to you, how would they figure out their finances.

Don’t try to solve everything in one day. Your partner doesn’t need to know each part of finances, just a comprehensive detail of the plan. Just show them how to use the information of accounts and other financial contacts, and encourage them to conversate. 

This page is purely informational. Line does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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