Talking about money with your partner is difficult – but eventually, we all have to do it. Don’t try to negotiate about money before airing your feelings; otherwise, negotiations may break down. Here are some tips to get started with talking to your partner about money:
1. Find an appropriate and stress free time when money is not a loaded issue (don’t use tax season, for example).
2. Share your hopes and dreams.
3. Talk to your partner about your goals for the future, short and long-term.
4. Before you articulate your concerns and fears about your partner’s money style, acknowledge what you admire about their methods.
5. Contemplate making a shared budget or a spending plan together by merging your hopes and your goals.
6. Set up a time to have the next talk. Aim for weekly conversations in the beginning, then monthly ones.
(Source — Linda K. Polwrek, CFP®, MBA, CMFC, CLTC, RICP Financial Advisor, Waddell & Reed, Inc.)