Tips for Thought

Though an essential aspect of our lives, money is often a topic that many couples find challenging to discuss. However, open and honest communication about finances is a cornerstone for a healthy and successful relationship. As we proceed into the remaining half of the year, where the economic situation is swiftly changing and uncertainties are rife, discussing money matters with your partner has become more compulsory than ever.

Learn to initiate the conversation early.

Discuss finances early in the relationship to set a precedent for open communication. Choose a calm, quiet environment, free from distractions, to facilitate a constructive and unpressured conversation.

Example: Sam and Johnny have been dating for three months and are starting to spend more time at each other’s apartments. One evening, while sharing a relaxing dinner, Sam talks about how they’ve been splitting restaurant and entertainment costs. They both express their comfort levels and preferences, setting the stage for more complex financial discussions in the future.

Have an educational approach.

Stay informed about financial literacy. Use resources like books, podcasts, or workshops as tools to learn together, eliminating anxiety and making the discussion educational rather than confrontational.

Example: Jorge and Lisa found themselves arguing about their differing spending habits. They decided to enroll in an online financial literacy course together to resolve this. Learning about budgeting, saving, and investing not only helped ease their disagreements but also gave them a shared language to talk about money matters constructively.

Be able to set clear goals.

Address both individual and joint financial goals. Discuss short-term and long-term objectives, like saving for a vacation or planning for retirement, to ensure alignment and shared responsibilities.

Example: Megan and Amina realize they haven’t set distinct financial goals five years into marriage. One Saturday afternoon, they sit down with a pen and paper and outline their short-term goals, like buying a new car, and long-term goals, such as retirement planning. They divide these objectives into actionable steps to make them more manageable and achievable.

Have an honest disclosure.

Be transparent about your financial history, including debts, income, and obligations. Complete disclosure builds trust and facilitates comprehensive planning.

Example: Peter revealed to Kim that he had a significant amount of student loan debt. Although uneasy, he shared his monthly repayment plans and how it impacts his spending. Kim appreciated Peter’s transparency, leading to a deeper understanding of his financial commitments and constraints, enabling a supportive financial environment.

Begin to develop a budget.

Together, create a budget that caters to both partners’ needs and aspirations, ensuring that both parties feel valued and considered in the financial planning process.

Example: After getting married, with their different spending habits, Riya and Sanjay decide to create a joint monthly budget. They itemize their income and expenses, allocate discretionary spending, and identify areas for saving. This planned approach helps them balance their spending and saving, reducing financial stress.

Prioritize emergency savings.

The uncertain economy of 2023 underscores the need for a robust emergency fund. Collaborate to contribute to this fund, safeguarding your future from unforeseen financial strains.

Example: Amidst the economic uncertainty, Olivia and Nate aim to bolster their financial security. They calculate their monthly expenses and decide to save six months’ worth to create an emergency fund. Every month, they contribute a specific percentage of their income to quickly reach this target.

Seek professional help when needed.

Consider involving a financial advisor to mediate the discussion, especially for complex financial situations. Advisors can offer expert advice, contributing to informed and strategic financial planning.

Example: As they approach retirement, Jackie and Hal discover investment and estate planning complexities. They hire a financial advisor who helps streamline their assets, advises on investment strategies, and ensures a secure and comfortable post-retirement life, easing their anxiety about the future.

Do regular updates.

Make financial discussions a regular occurrence. Regular updates facilitate adaptive and responsive financial planning, aligning with the dynamic economic environment of this year.

Example: Maria and Lee review their financial status every first Sunday of the month. They discuss changes in income, unexpected expenses, and progress toward their financial goals. This consistent check-in ensures they stay on track and make necessary adjustments to their financial plans in real time.

Empathetic listening is helpful.

Be attentive and responsive. Empathetic listening ensures both partners feel heard and valued, fostering a supportive environment for discussing sensitive topics like money.

Example: When Tom confesses to Elise about his anxiety regarding investment decisions, Elise listens attentively, refraining from immediate judgment or advice. She acknowledges his concerns and expresses her willingness to understand and explore these anxieties, building a foundation of support and collaboration.

Find a way to celebrate milestones.

Acknowledge and celebrate financial milestones. This positive reinforcement strengthens the partnership and motivates continued financial collaboration and planning.

Example: Anna and Liam set a goal to pay off a substantial credit card debt that’s been a source of stress. Each time they clear a portion, they celebrate—perhaps with a modest dinner or a movie night. These celebrations turn a potentially stressful process into positive, motivational experiences, strengthening their bond and commitment to a debt-free life.

Where can you learn more about this topic?

Money Talks: The Ultimate Couple’s Guide to Communicating about Money by Talaat and Tai McNeely is a comprehensive guide to talking about money with your partner, from having the initial conversation to creating a financial plan together. It covers a lot of topics, including:

  • How to communicate about your money values and goals
  • How to deal with different spending and saving habits
  • How to budget for the future
  • How to talk about debt and financial challenges
  • How to make financial decisions together

The book is full of practical advice. It also includes real-life stories from couples who have successfully navigated the challenges of talking about money.


Discussing money matters might not be the most romantic aspect of a relationship, but it is undeniably necessary. As this year unfolds with unique economic challenges and opportunities, equipping yourself with the strategies to effectively communicate about finances becomes inevitable. Doing the steps outlined above can transform the often-daunting task of discussing money into a great financial partnership—both for economic prosperity and for a more resilient relationship.