Good communication is essential for any successful relationship, and this is especially true when it comes to personal finance. Money is a sensitive topic that can bring up a lot of emotions, and many couples struggle to communicate effectively about their finances.
But improving communication about money is very POSSIBLE, and there are several things that couples can do to strengthen their financial relationship.
In this blog post, you’ll learn 10 ways that you can improve your communication when it comes to personal finance.
Establish ground rules for your money conversations. Establish what you both will tolerate, not tolerate, and agree to some common rules like agreeing to avoid using blame or criticism during these talks, setting a goal for each conversation, and a magic word that you can say when you’re feeling triggered.
Just like date night, a money talk should have a special time and make its way on your calendar. By establishing your regular money talks, you’ll make it a habit of it. This helps ensure that both partners are aware of the state of your finances and any upcoming expenses. Consider using a financial coach to help facilitate these conversations and keep you accountable.
Money conversations can lead to heightened emotions, and when you’re in a heightened state of emotion, it can be hard to listen. Make it a priority to practice active and curious listening with your partner. his helps ensure that both partners feel heard and understood. Avoid interrupting and try to approach each conversation with an open mind. You can do this by having an object each of you can hold when you’re talking.
WEALTH is all about your experiences and your attitude. You both know that you want to achieve something together, so take the time to make this activity fun. Adding positive energy into the conversations will accelerate where you both go.
Be open and honest about your financial situation and goals. Hiding financial insecurities, problems or goals can create distrust and hinder your communication. Commit to having open and honest communication together.
Use "I" statements instead of "you" statements when discussing money. This can help prevent your partner from feeling attacked or defensive. For example, instead of saying "You're spending too much money," try saying "I'm concerned about our spending and would like to find ways to reduce it."
Keep the conversation focused on the topic at hand. Avoid bringing up unrelated issues or using the conversation as a time to air grievances. If you want to make sure you’re sticking to the topic at hand, try making a money agenda with the important topics at hand.
Practice patience with each other and give each other grace. Money conversations are something that we learn to have and it’s important to practice patience with each other, especially if you have different financial backgrounds or levels of understanding about personal finance. Remember that effective communication takes practice and effort, and it's okay to make mistakes along the way.
When you’ve got a financial success, celebrate it! Celebrate your money talks, your money wins, and your big financial needle movers. Whatever goal you’ve achieved together, have a plan to celebrate it! Celebrating your financial success can help you stay motivated and it also reinforces you both acting as a team!
Don't be afraid to seek the help of a financial coach to improve your communication about money. A financial coach can help you create a shared vision for your finances and help you navigate any emotional challenges that may arise during money conversations.
One of the best ways that you can fast track your financial success is using technology! There are loads of software to use that can help you manage your money, share your expenses, and help you reach your financial goals.
Improving communication about money takes effort and practice, but the benefits are worth it. By following these tips, couples can build a stronger foundation of trust and respect in their financial relationship. Remember that the key to effective communication is to approach each other with empathy, patience, and an open mind. By working together as a team, you can achieve your financial goals and dreams.
