Valentine’s Day is a time to celebrate love and relationships, but it’s also a great opportunity to reflect on how we can strengthen our partnerships. One area that can often be a source of conflict in relationships is talking about finances with your partner. According to a survey by NerdWallet, 46% of couples do not share how much they have saved with each other. This lack of transparency can lead to misunderstandings and mistrust, which can ultimately harm the relationship.
It’s important for couples to have open and honest conversations about their finances, even if it feels uncomfortable. Here are a few tips for how couples in Ireland can normalise speaking openly about their finances:
Set financial goals together:
Whether it’s saving for a down payment on a house or paying off credit card debt, having shared financial goals can help bring a couple closer together. Consider setting up a joint bank account to help you reach your goals.
Create a budget together:
A budget is a plan for how you will allocate your income and expenses. By creating a budget together, you can get a better understanding of each other’s financial habits and priorities. Be sure to factor in the high cost of living and any specific expenses you have, such as childcare or healthcare. You can start calculating your budget now by using our FREE Budget Calculator.
Be transparent about your spending habits:
Do you have a habit of buying takeaway coffee every day? Do you like to go out to eat frequently? It’s important to be honest about your spending habits, as it can help your partner understand your financial priorities and potentially lead to more mindful spending.
Seek professional financial advice:
If you’re struggling to have productive conversations about money, it may be helpful to seek the guidance of a financial advisor. A professional can help you create a financial plan that takes into account both partners’ goals and concerns, as well as any specific financial challenges you face. Talk to us to arrange a financial consultation with you and your partner today.
Remember, strong communication is key to a healthy relationship. By normalising open and honest conversations about finances, you can build a stronger foundation for your partnership. Make sure to head over to our YouTube channel to keep up with our latest videos and check out our additional tips and advice for becoming financially independent in 2023.