After letting my fears get the best of me last month I finally stepped my game up and talked to my boyfriend about our finances. As one of our readers pointed out, six years in a relationship is a long time to go without talking about money and making a financial plan.
My biggest worry was that he wasn’t going to take it seriously and just brush it off for future us to deal with. Instead, he was all for it! We discussed creating a joint account, getting a credit card together, what our limit should be, and maybe even start saving for a house.
Though we haven’t followed through just yet, we did take a big first step together. Talking about money can be a tricky thing. Since we weren’t really taught how to manage our finances in school or what things we should prepare for when we get older, we felt a tad overwhelmed while looking at our options online.
We decided not to make any decisions without proper research first. That means visiting banks and figuring out which is the best choice for us. We both were all for getting a shared account, but we need to make sure it works for us in the long run. We both have debt from school and are living with a roommate so we aren’t 100 percent financially secure. We talked about putting $100.00 a month in a joint savings account so we could start building up a nest egg for when we get our own place together.
It may seem like we didn’t actually accomplish anything, but for me this was a win. Having a common goal with your partner when it comes to your money is very important. Creating a dialogue about it will help you in the long run, but don’t think that just talking about it once means that you’re good to go. Finances are constantly changing, so you’ve got to be a team and motivate each other to educate yourselves. This was our first conversation of many to come, and I’ll be ready for them all.
For those of you in newer relationships, talking about your future finances can wait until a little later, but you can start taking mental notes now. Be aware of their spending habits. Do they just blow their entire paycheque of random stuff, or do they put some of it away in a savings account? Do you notice that they are constantly battling their phone company because they are late paying their bills? When it comes to going out, do they constantly complain that they have no money even if they just got paid? These are some early warning signs for you to be aware of. If they can’t manage their finances on their own, think about how difficult it will be when you start to share them.
For those of you in longer-running relationships who haven’t had the money talk yet, here’s my advice: bite the bullet and DO. IT. You aren’t helping anyone by putting it off. Money is a scary thing, but you are both in this together and with a positive common goal and proper research, you’ll be able to tackle anything that comes your way.
You got this!
Have you had the money talk yet with your partner? How did it go? Did you learn anything new or did you face any curveballs? Share with #TheSisterpack in the comments!