Whether you’re in a brand new relationship or have been with your significant other for some time now, talking about money with your better half can be… well, awkward. But we believe it doesn’t have to be!
As hard as it may be, talking money is a big part of keeping and nurturing a healthy relationship with your significant other over time. Here are some of the reasons why talking finances with your main squeeze is so important, plus advice on how to best approach the often-uncomfortable subject.
It can bring you closer as a couple
Talking about your spending habits and financial goals with someone you foresee a long-term future with is important. Tackling this topic early on can bring you two closer together and set a crucial foundation for you as a pair. Now, we aren’t saying to start sifting through someone’s savings and accounts on a first date. But once you’ve established the relationship and you’re comfortable enough to open up and talk to the person you’re seeing - go for it! Wait for the right moment to have the conversation, away from any distractions. Believe us; you’ll feel so much better afterward and that much more in sync with your significant other.
It’ll lead to better communication
Open and honest communication is key to the survival of any partnership. By being transparent with your companion, you’ll help your relationship truly thrive. By having conversations around finances — which can be difficult — it can help you both find the best ways to talk with one another. You'll learn to be sensitive to each other’s concerns, worries, doubts, expectations, goals and objectives. Ease into the subject, express your thoughts and listen to their ideas as well. Through this, you’ll both develop vital communication skills which you’ll need as you move forward together as a pair.
You can build on a future together
The longer a couple has been together, the more they start to take on dreams and goals together. This could be saving for their first romantic getaway together, moving in together, adopting a pet, purchasing a home, planning a wedding, or starting a family! All of these things cost money, which means that as your relationship progresses, you’ll eventually have to talk about sharing bills and these major costs together.
This is where our recently launched joint accounts come in handy. They make it so much easier for duos to plan, save, budget and spend together - eliminating the awkwardness factor! With advanced features such as shared spending notifications and transaction feeds, you and your loved one can stay on top of your expenses and set up monthly budgets to reach your savings goals together.
It’s incredibly fast, easy and free to open a joint account. When you do, you’ll both receive your own shiny, rose gold contactless Mastercard prepaid debit card to shop, spend and use separately.
With Monese joint accounts, anyone can be a perfect match!
You’ll avoid problems later
One of the most common reasons spouses argue is over finances. Money is one of the leading causes of stress in relationships. Oftentimes, all the fighting and strain can even lead to the dreaded D-word (D-I-V-O-R-C-E). If you don’t plan and talk about your financial expectations and assets beforehand, you run the risk of finding out later that you really aren’t that financially compatible with your partner. It’s essential to be on the same page money-wise when it comes to spending habits and saving for your future together.
So before embarking on a long and happy life together, ask each other the tough questions: How much debt do you have? Do you know your credit score? How much is in your savings? What am I expected to earn and contribute? What are your retirement plans?
It’s also important to have a contingency plan for the worst-case scenario when it comes to money. This could be a plan for if one of you loses a job, or if you have to care for a sick child or parent. How will you support one another, financially, in these cases?
Remember, when it comes to speaking about money, it’s all about finding common ground with your better half and coming to an agreement. It's time to get those taboo, yet necessary, finance conversations out of the way! You’ll both be better off for it in the long run.
Already have a Monese joint account with your sweetie? We’d love to know how it’s working for you! How do you manage bills together? What are some challenges you faced or tips you’d give to other duos? Reach out to us and tell us your story via Facebook, Twitter, Instagram or email us at email@example.com.
Should you open a joint account with your partner?
We cover all the signs and milestones you should have already hit as a couple before deciding to open a joint account together.