Personal Finance: How to talk to your partner about finances

*Experts say talking to your partner about finances can keep your relationship on solid ground, no matter what financial issues may crop up in the future

Isola Moses | ConsumerConnect

Financial experts say it has been observed that tension in a relationship can often stem from money woes.

Research also has indicated that money sparks pressure in the relationships of around seven in 10 couples.

Yet, researchers have submitted that disagreements about money can be avoided by keeping the lines of communication open in human relationships, says agency report. Whereas you may not be able to predict what financial circumstances will befall you in the future, you can ensure that your relationship will not be rattled by money-related issues.

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Expert as well have said that understanding your partner’s perspective and expressing your own feelings about finances can keep money from adversely affecting your relationship down the road.

For this reason, they say all couples should consider having “the money talk,” by applying the following measures:

Find a neutral time to talk

Jill Schlesinger, Senior CFP Board Ambassador, said: “Money discussions are tough to have, often bringing up core issues about our own relationship to money, as well as anxieties about the future.

“While it can be a hot button issue for many, not being open with your partner about money can often lead to more issues down the line.”

Talking to your partner about your finances can keep your relationship on solid ground no matter what financial issues may crop up in the future.

However, there’s a right and wrong way to broach the topic of money with your partner. How?

Schlesinger has a few tips on how to start a conversation about finances. Her first piece of advice: choose a good time to talk.

Instead of bringing up money during a heated argument, set aside a specific time and place to have a calm, judgment-free chat about money.

Conversation pointers

When the time has come to have the money talk with your significant other, Schlesinger recommends keeping your communication open and honest.

To keep the conversation heading in the right direction, it may be helpful to follow these tips:

Share it all. Let your partner know where you stand financially by sharing information on outstanding debt, investments, bank and retirement accounts, and any bonds you may have.

Create a master list of assets and note who owns each or whether it’s jointly owned. Make sure to include any account usernames and passwords, broker names, contact information, and other account info to share with your partner.

Agree on a path forward. Align your financial priorities by talking about retirement, college planning, and cash flow management plans.

To avoid any confusion in the future, ask your partner questions like, “Do you want to keep separate bank accounts and both contribute to a joint account?”

Allocate financial tasks. With the conversation behind you, the next step is to divide financial responsibilities in a way that suits each partner’s strength.

The task of handling day-to-day bills may be better suited to the partner who likes to use apps to track spending, while managing long-term investment accounts may be a better fit for the other partner.