I'm Karen!

I am a blogger and finance coach. My specialty is helping couples get on the same financial page and win with money and marriage. 


Personal Finance


Financial Planning

How to talk about money: Tips for Couples to Discuss Money

Money is a topic that can evoke strong emotions and often leads to conflicts in relationships. 

In fact, it is considered one of the leading causes of arguments and even divorce among couples. However, by approaching money discussions with openness, honesty, and a willingness to understand each other, couples can build a strong foundation for financial harmony and achieve their shared goals. 

In this blog, we will explore five top tips for couples to have effective and positive conversations about money.

Understand Your Money Personalities

One of the first steps in navigating money discussions with your partner is to understand each other’s money personalities. 

We all have different attitudes and behaviors when it comes to money. Some individuals are natural savers, while others are more inclined to spend freely. Recognising and accepting these differences can help you appreciate each other’s perspectives and find common ground.

Start by having an open conversation about your financial habits, values, and goals. Discuss your financial upbringing, experiences, and any beliefs or fears you may have around money. By understanding each other’s money personalities, you can find ways to work together effectively.

For example, if one person is a spender and the other is a saver, you can establish a system where both parties have some flexibility to spend while still prioritizing savings and long-term financial security.

Embrace Financial Transparency

Transparency is crucial in any healthy relationship, and the same applies to your finances. Being open and honest about your income, expenses, and debts helps create trust and fosters a sense of unity when managing money as a couple. Avoid keeping financial secrets or hiding debts from your partner, as this can lead to stress and strain in the relationship.

If you or your partner has existing debts, it is essential to share this information and work together to develop a plan for repayment. Facing financial challenges as a team can strengthen your bond and improve your chances of overcoming obstacles.

Consider setting aside regular times to review your financial situation, discuss upcoming expenses, and track your progress toward joint financial goals.

Respect Each Other’s Money Backgrounds

We all come from different family backgrounds, and our upbringing plays a significant role in shaping our financial attitudes and behaviours.

It is essential to respect and understand each other’s money backgrounds, as this can greatly impact your perspectives on saving, spending, and managing finances.

Take the time to listen and learn about your partner’s money history. Discuss the financial values instilled in you by your families and how these beliefs shape your views on money.

While you may have different approaches, finding common ground and compromising on financial decisions can help bridge the gap between your money backgrounds.

Create a Spending Plan

Budgeting is a term that can carry negative connotations for many people. Instead, consider reframing it as a “spending plan” or a “savings plan” to make it more approachable and positive. The purpose of a spending plan is not to restrict your spending entirely but rather to allocate your resources consciously and align them with your financial goals.

Set aside dedicated time each month to sit down with your partner and review your finances. Start by documenting your combined income and listing your fixed expenses, such as rent or mortgage payments, utilities, and debt repayments.

Then, identify your variable expenses, such as groceries, entertainment, and discretionary spending. Be sure to allocate funds for savings and emergency funds as well.

Check out my FREE super, simple Excel Budget Spreadsheet. It’s perfect for couples starting on their budgeting journey.

These tools can also provide valuable insights into your spending patterns and help you identify areas where you can make adjustments.

When creating your spending plan, it’s important to include a “fun money” category. Even when budgeting, it’s essential to allow yourself some flexibility and enjoyment.

Allocating a portion of your income for discretionary spending ensures that you can still indulge in activities or purchases that bring you joy without derailing your financial plans.

Set Shared Financial Goals

Working towards shared financial goals is a powerful way to strengthen your relationship and stay motivated on your financial journey.

By establishing common objectives, you can align your efforts, support each other, and celebrate milestones together.

Sit down with your partner and discuss your short-term and long-term financial goals. These goals can range from paying off debts, saving for a down payment on a house, building an emergency fund, investing for retirement, or planning a dream holiday.

Prioritise your goals based on their importance and feasibility, and break them down into actionable steps.

Regularly revisit and reassess your goals as your circumstances change or evolve. Life events such as career changes, starting a family, or unexpected expenses may require adjustments to your financial objectives.

Read more: Setting financial goals

By keeping an open line of communication and being flexible, you can adapt your plans accordingly and continue working together towards financial success.

In conclusion, open and honest communication is the key to successful money discussions as a couple. Understanding each other’s money personalities, embracing financial transparency, respecting each other’s money backgrounds, creating a spending plan, and setting shared financial goals can help you navigate money matters effectively and build a solid foundation for a healthy financial future together.

By approaching money as a team and supporting each other’s financial well-being, you can reduce conflicts and create a stronger, more harmonious relationship.

If you’d like more top tips on how you can get on the same same financial page as your spouse, then sign up for me free eBook.

You can also reach out to me by leaving a comment below.

I look forward to hearing from you soon!

  1. Mrs Wow says:

    Great article, Karen!

    A couple, no matter how compatible and in love, are still two separate individuals. There will be differences, including financial ones.

    My hubby and I have been married for 22 years. We were also business partners before our early retirement in 2020. Where money is concerned, we have always maintained open and regular communication. That’s the first and most important step to finding common ground and working towards the same goals.

    I hope this article will reach more people. 😊

    • Thanks for your positive reply, it is much appreciated! I totally agree that you need to find common ground and work towards the same goals! I am hoping to reach couples that are engaged or newly married so that I can encourage them in this area!

Leave a Reply

Your email address will not be published. Required fields are marked *