Money topics to discuss with your partner or spouse

Why is it important for couples to talk about money?

Your salary and what you do with your earnings are both personal issues. However, if you and your partner decide to split living costs with each other, your finances will have a big impact on them as well. Financial disagreements can lead to emotional issues, which can put strain on a relationship. Knowing that you and your partner are on the same page with money will make it easier to go forward and take the next steps in your journey together.

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Explore money topics to start the conversation

Discussions regarding finance aren’t going to be a one-time thing. Talking about money takes a lot of time and compromise, and it gets easier as you do it more. Get inspired to start the conversation by using these money topics to discuss with your partner:

Start with some financial transparency

When you’re sharing finances with someone, it’s only fair to be honest about your current financial state. How much you make in a year, the amount of student loans you owe, and big purchases you are saving up for are a few things that can be discussed with your partner. It’s also important to be transparent about investments, as they often require lots of money with plenty of risks. If you’re big on investing in stocks or cryptocurrency, you should let your partner know about it. By being aware of each other’s spending habits, you can know what to expect in the future.

Discuss your long-term financial goals

It’s good to also get a sense of what you and your partner’s financial goals are so you can know where you might stand in a few years. Do you or your partner want to buy a house? Are you looking to have children? Would you potentially want to relocate for your job? These are some questions that are worth asking when talking about money, as they are relevant to future spending habits. If you don’t have any financial goals right now, that’s ok too. As long as you and your partner are in agreement, you can discuss your financial goals over time.

Be equal with your finances

Equality doesn’t always mean 50/50. You and your partner should discuss how to split finances in a way that makes the most sense for your situation. This can vary based on how much you and your partner make and other financial barriers, including debts and school. Some people choose to take on more finances if they make more than their partner or if their partner is still in school, while others believe in splitting finances down the middle regardless of income. Finding ways to divvy up expenses between you and your partner will make it easier to manage your finances together.

It’s also important to share financial roles so that one person isn’t making all the decisions. If you feel that your partner is making more financial decisions than you, this could cause problems in the future. Make sure you both have a say in where the money goes or are able to compromise on an arrangement that works.

Talk about budgeting

Establishing budgets and spending limits can help you and your partner save money over time. Set aside some time to discuss monthly budgets, spending habits, and financial priorities so you can plan for what’s next. You can use tools like Microsoft Excel to keep track of your salaries and expenses together. Work with your partner on cutting down expenses by cooking meals together, taking public transportation, and limiting extra purchases. Try to keep your budgets as realistic as possible and adjust them accordingly.

Set financial boundaries when necessary

Boundaries are good to have in any relationship. While transparency is an important aspect of sharing finances, you can choose not to share all of your money with your partner and vice versa. You can also discuss the pros and cons of separate and joint bank accounts with your partner to see which option is best. Another important boundary with money is to know what your partner is comfortable talking about. If your partner is insecure about their salary, try to avoid bringing it up in conversations or arguments. It can also help to disclose what financial aspects of your lives shouldn’t be shared with others so you know what not to bring up.

As you grow closer to your partner, you’ll need to have more discussions about how to manage your money together. By discussing finances early on, you can get a better sense of each other’s spending habits and learn to compromise better. Find more budgeting tips from Microsoft 365 to learn how to manage your expenses.