Money can often be a challenging subject to approach, especially when you’ve recently started dating someone. As arguments over finances can be a leading cause of stress in relationships as well as breakups, it’s healthy for couples to open up about their money situation. Here are three steps to face the money talk head on with a new partner.
Understandably, people will be reluctant to quickly disclose their financial situation to someone new. Abruptly demanding your new partner to tell you their financial life story will most likely not end well, and will possibly give off the wrong impression on your behalf. This is why it’s important to start slowly with easy, less-personal topics such as both of your long-term financial goals. Once this is covered, you can start working towards more sensitive subjects such as credit histories and debt to get a fuller picture of each other.
When talking about money with someone new, it can be tempting to inflate your earnings in an attempt to impress your new partner. However, this will only backfire on you in the future as your partner will most probably discover your true earnings in other ways. As well as being truthful about your salary, it’s important to be transparent about your credit score and what you owe, too. Debt can be a big part of your financial history to hide, but fortunately there are multiple ways to turn this around. Consider reaching out and speaking with a professional for debt advice, or researching organisations such as Debt to Success System. Likewise, when the time is right, you should try to encourage your partner to come clean about what they earn, and what they owe.
Of course, everyone’s finances will be different for a variety of reasons, so try not to be quick to judge your new partner’s money habits and history. Instead, ask appropriate questions to find out more and give them the opportunity to explain. Whatever they reveal, take time to be understanding with your partner and being supportive when they are opening up about their finances. This way, you can build trust with your new partner and strengthen your relationship. Moreover, being accepting and understanding to what has led them to their particular financial situation will allow your partner to see that you are serious about them.
Acknowledge their Strengths
Focusing on each other’s personal financial strengths will allow you to help each other out and build further trust in one another. For example, if you’re a frugal person skilled in budgeting, you can encourage this to your partner and help them to see the benefits. Similarly, someone with the habit of impulsive buying can benefit from a partner who is able to make practical decisions when it comes to spending money. Overtime, these strengths can be used to a couple’s advantage, and may even be able to prevent money-related arguments in the future. After all, relationships are largely grounded on the idea of helping each other become a better person.