Financial Conversations to Have with Your Loved Ones

Financial Conversations to Have with Your Loved Ones

February is the month of eternal love. While other factors influence the length of relationships, monetary security is among the most impactful. That said, there is no better way to discuss the idea of forever than having specific financial conversations that ensure long-term wealth.

If getting the dialogue started gives you trouble, we’re here to help. Below is a list of 5 financial conversation starters for you to have. Continue reading to learn more.

1. Discuss your financial priorities

To begin, start slow. Consider the high-level approaches you and your partner can take regarding budget and cash flow priorities. You’ll want to avoid being too detailed during the first set of financial conversations. Remaining light on the topic will open the gate for more in-depth talks later.

Work with your partner to create a list of the 3 top financial priorities for the household. Once you have a unified idea of where the money must go each month, you’re ready for the next discussion.

2. Talk about roles and responsibilities

After identifying the areas of your budget’s focus, it’s time to assign who will do which part of the saving and spending. Review your budgets together, including all earnings and expenses. Then, designate the person who will oversee the payment of each financial priority. Both partners should agree to their roles before moving on to other topics.

3. How does debt make you both feel?

Following your first few rounds of financial conversations, it’s time to get more granular. Debt is definitely a subject where you and your partner should not spare any detail. In fact, about 70% of those surveyed (who cited credit card debt as a reason for their divorce) said either they or their ex-spouse had concealed the debt. So, whether or not you’re both on a debt-free journey, give the relationship its best chance by being fully transparent. 

4. Provide space for growth

Another good financial conversation you should have with your loved one is about dreams and planning for the future. Often, we’re so busy with our responsibilities that we lose sight of the bigger picture. If you want your relationship to flourish, you must provide room for economic growth.

5. Plan your estate together

Your estate consists of everything you own. When you pass, you’ll need estate planning documents to ensure the distribution of your assets according to your wishes. As our final tip, notifying your partner about your estate plan is essential, regardless of your immediate health.

What financial conversations will you have?

It might take work, but starting the discussions above will help you align your financial goals with your partner. Remember to be patient and understanding as you talk. 

When all is said and done, your heart will lead the way on the financial conversations you want to review further. Keep the opportunity open for more dialogue, as it is a primary factor in a relationship’s longevity and wealth.


Need more finance inspiration? Continue following the Achieva Life Blog for additional budgeting articles.


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