Money talk is never easy. Whether it is speaking to your parents about having money trouble, teaching your kids the value of money or applying for a loan, money can make people supremely uncomfortable. If you grew up without a lot of money to rely on, the anxiety around money can be deeply ingrained within and can come up whenever any issues arise in your adult life. Likewise, if you earn more, or less, than the people in your life, this can become a sticky subject which most people try to avoid entirely. What you do with your money is your business, but with the ever-pressuring culture of social media and showing off how much we all have, money is an increasingly volatile subject.
With that in mind, one conversation most spouses hate having is money talk. If you are a working mom who prides herself on being the breadwinner of the family, your partner could feel emasculated and intimidated by being out-earned by you. On the flip side, if you earn less, or don’t earn at all and rely on your spouse’s income, this can cause all sorts of issues too. So how should you talk to your partner about money? Here are a few tips.
Leave Your Ego At The Door
Regardless of the reasons the money talk is happening, it is important to stay humble. At the end of the day, your partner is your partner in all things, and that means trusting each other to leave ego out of the equation. If you are upset with your partner about something finance-related, it is important that you express this upset clearly, without throwing accusations or harsh words. No matter the subject, it is essential that you maintain respect for each other at all times.
Bring In A Third Party
If the money talk turns out to be a very serious one, it is wise to involve an impartial third party. This doesn’t have to be a lawyer or anything so serious, but perhaps having some sessions with a therapist or a financial advisor can help mediate your discussions. If you are in debt, there might be a lot of emotions and anger, or disappointment, or even pure stress, involved. There is no room for being emotional when it comes to finances, so a third party can help absorb your feelings and create productive outcomes from the talks you have.
If you are in debt and you haven’t told your partner, now is the time to act. Debt can be a source of shame, despite the fact that over half of all Americans are in debt right now. The best thing to do is, to be honest about it. For debt freedom solutions, check out the DTSS U.S Complete Freedom site for more information.
Communicate Openly And Honestly
One of the problems that couples encounter is that they are not honest with their partner. We understand that it can be a difficult topic to talk about, but if you are planning to spend a long period of time with this person, it has got to be done. Don’t hold anything back, but make sure that you are speaking respectfully to each other. For example, it might be the case that you are thinking about getting involved in SMSF cryptocurrency investing, and if you are going to be pooling your money together, they need to know about this.
We cannot emphasize enough that you should not be holding anything back from your partner when you have the money talk as it can lead to problems down the line if you do.
Final Thoughts
Talking about money is never easy, especially with your partner or spouse. But it IS highly important that you do so. Tackling money problems together is the way forward, even if the first step is tricky.