How to improve money conversations in relationships

Openly and honestly talking about money in relationships – family, friendships and romantic can be uncomfortable and awkward. Money, however, forms an integral part of the fiber of any relationship, so prioritizing money conversations is NON-NEGOTIABLE! Since we celebrated Valentine’s Day on Tuesday, I would like to share four tips to help you improve your money conversation with your significant other and achieve your financial goals.

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So, where do you start?

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Tip 1: Identify your money personality.

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Do you know your money personality?

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A question I often ask my clients is “What is your money personality?”?In her blog ‘There are 7 money personalities. Which one are you?’ Honda (2021) defines a money personality as the way in how you approach your finances and how that influences your financial decisions. There are many money personalities for example a compulsive saver, a compulsive spender, or a worrier. Are you a spender or a saver?

Understanding your individual money personality and your significant other’s money personality can improve how you approach and manage your finances as a couple.

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Tip 2: Set financial goals.

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I often speak about having financial goals that are SMART – specific, measurable, attainable, relevant, and time-bound. It is important to identify what goals you’d like to achieve as a couple, individually, or collectively and then plan how you will approach it. What do you want to achieve in the next six months?

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Tip 3: Prepare a spending plan (budget)

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A couple that plans together, achieves a lot together. Building from point number one above, understanding your money personality and spending habits influences how you use and spend money. This month of love, allocate time to prepare a spending plan that guides how much money is available, which expenses to priorities and how as a?couple you want to spend your money. Click here to download a spending plan template here.

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Tip 4: Have money dates.

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Many couples often go out on dates and spend time together to keep the spark ignited.

How about changing one of the romantic dates to a money date? A money date helps a couple decide how to use and spend money, review, and reflect. Select a comfortable and safe space for the money date, download monthly bank statements, spending plans and financial goals. Start the conversation with open-ended questions such as “What financial goals would you like to achieve? What about this financial goal is important for you? Which spending habits would we like to change? What would we like to improve in terms of our finances?"

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Let’s change the script and normalize having open and honest money conversations in 2023! I wish all couples – dating, engaged or married a belated happy Valentine’s Day and healthy money conversations going forward.?