It’s no secret that money causes friction in relationships. In fact, a 2022 study from Royal London showed that money is the number one issue that UK couples argue about.
Many couples avoid discussing money in case it derails their relationship. But since this only puts the problem off until a later date, it’s better to face up to the fear. Especially, if you’re planning on getting married. After all, if you can’t bring money up now, you won’t be able to later.
With this in mind, we’re sharing three money conversations to have with your partner before marriage.
3 Money Conversations to Have with Your Partner Before Marriage
Will you combine finances?
There are many ways to share financial responsibilities as a couple, including:
- Combining everything into a single account
- Sharing an account for regular expenses and keeping most of your money separate
- Keeping all your money separate and paying for expenses 50/50
It doesn’t matter so much how you do it, just that you both feel like the arrangement you have is fair. Otherwise, it’s likely to create tension or even resentment in the relationship.
What are your long-term goals?
Considering your future needs is one of the most important aspects of making sound decisions. And supporting each other’s goals is one of the most important parts of marriage. So, you need to understand what you both want to achieve with your finances and how you’ll achieve that.
If you want to save for a comfortable retirement, then you should be contributing towards pensions. Or if you’re working towards a shorter time horizon, then saving in a tax-free ISA account would be more suitable. It doesn’t matter what your goals are, only that you’re pursuing them – together.
Do you have any debts?
Debt is a problem that many people struggle with in the UK. In fact, data published by Statista shows that UK household debt has more than twice as much as it was 20 years ago.
If either of you are dealing with debt, you need to address it as soon as you can. It can lead to mental health challenges, lower your credit score, and make life more difficult for you as a couple – when trying to take out a mortgage, for instance. It’s also a problem that only gets worse the longer you leave it, as interest rates compound over time.
Final thoughts
Engaging in open and effective conversations about money with your partner is crucial for building a strong foundation for your relationship and financial well-being. While discussing finances may feel uncomfortable or challenging at times, the long-term benefits make it well worth the effort.
By communicating openly about money matters, you can gain a deeper understanding of each other’s financial values, goals, and concerns. This shared understanding creates a solid framework for making joint financial decisions and working towards common objectives. It allows you to align your priorities, identify potential areas of conflict, and find mutually beneficial solutions.
Effective communication about money not only helps you improve your finances but also strengthens the bond between you and your partner. It fosters trust, transparency, and a sense of shared responsibility. By openly discussing your financial strengths and weaknesses, you can support each other in achieving financial goals, overcoming challenges, and facing unexpected expenses.
Moreover, navigating financial planning together sets a solid foundation for future endeavors, such as marriage and other significant life milestones. By successfully managing complex financial discussions, you develop valuable skills in compromise, problem-solving, and collaboration. These skills will serve you well as you face various challenges and decisions throughout your life journey together.
Remember, effective communication about money goes beyond discussing budgets and expenses. It’s also about recognizing and addressing underlying emotions, fears, and aspirations related to finances. Create a safe and non-judgmental space where both partners feel comfortable expressing their thoughts and concerns.
In conclusion, while discussing money with your partner may require some effort and vulnerability, it is a crucial aspect of building a healthy and fulfilling relationship. By openly and honestly addressing financial matters, you can strengthen your bond, align your goals, and navigate financial challenges together. The skills and understanding you develop through these conversations will not only improve your finances but also lay a solid foundation for a successful and harmonious partnership in all aspects of life. Embrace the opportunity to grow and evolve together as you navigate the intricacies of money management and build a prosperous future.
