The money conversation every couple should have
By You’ve probably read that one of the Four Horsemen of relationship strife is money. Misalignment on money issues is one of the main problems that can sink a relationship if you’re not careful.
As a Certified Divorce Financial Analyst, I’ve unfortunately seen firsthand how a couple’s finances can cause a major rift in a marriage, and I’ve also learned that one of the easiest ways to let that problem fester is by avoiding the conversation altogether.
Many couples just don’t talk about money. Maybe it’s awkward, or they don’t know where to start. Maybe they come from different backgrounds, from families that had different goals for their money. Whether it’s spending habits, credit card debt, inheritance, or saving discipline, a lot of people feel embarrassed by how they navigate their budgets (or lack of one).
But you need to talk about it. Normalize conversations about saving, debt, and cash flow. Transparency is key when it comes to making and executing a financial plan. A lot of it is finding the middle ground. One of you may be a big spender, while the other saves every penny. Finding a healthy balance can lead to fewer issues down the road, helping you work toward your financial goals.
That’s where an experienced financial advisor comes into play. As a Certified Financial Planner professional, I act as the financial quarterback. My job is to look at your entire financial life and remove the guesswork so you can stop worrying about the math and start enjoying life together.
That conversation can still be uncomfortable at first, but I’m a neutral third party. I handle data, not emotions. Our sessions aren’t a lecture. It’s a design meeting, sitting down and figuring out what makes sense for you. What works for you may not work for the couple I’m meeting with in an hour. So we sit down, consider your situation, and create a clear path forward. Then I can help hold you accountable.
Once you’ve taken that monumental first step, keep the conversation going. Schedule regular check-ins with each other, whether it’s monthly or quarterly. And make sure that, even if only one of you typically attends ongoing meetings with us, both of you come in at least once per year. Figure out what you’re struggling with, what you’re doing well, and what you need to tweak.
If you’ve never had that conversation or you’re looking to be more transparent with your partner about how you’re managing your finances, contact us today. Leave the hard stuff to us so you can focus on what really matters.
Article by Jacob Buckley, CFDA, MBA, Wealth Advisor at Family Financial Partners — a financial services firm in Lexington, Kentucky.