Top 7 Money Conversations Every Couple Should Have

The foundation of every relationship is communication. A clear one-on-one talk among partners and couples is paramount to understanding their goals, especially those related to the future. In this day and age, working to be successful in respective careers and being each other’s support system is a treasure that you can’t see every day. With the future in mind, one of the things you need to talk about as a couple is money and how to budget, save, and spend for the future. Check out the following topics that you can engage with your partner to get the conversation going:

1. Family

Family is a new chapter that many of us aspire to, but it is also an expensive one, everyone should prepare for. You can start by discussing your partner’s vision for starting a family. Plan how many children you want and if your budget allows for it. You should also address where you will live, financial plans during pregnancy, and the physical, mental, and financial support necessary for raising a child. There are many factors to consider, and it’s important to think about when the best time to have this conversation is.

2. Career

A career is a path that leads to greater achievements. As a couple, you should include this in your discussions because respect is crucial. This is not a competition; both of you contribute. As the movie Hector and the Search for Happiness indicates, making comparisons can spoil your happiness. Open conversations about each other’s career paths are essential for mutual support, which fosters trust and understanding of each other’s aspirations in life.

Discuss your individual career goals, potential job changes, and how these decisions might impact your finances. Aligning your ambitions will further enhance your trust and support for one another as you look to the future.

3. Saving goals

Start saving as early as you can. Remember, you’re building a shared dream, so plan how you will begin saving together and how those funds will be used. Be clear about your goals, whether it’s buying a home, going on vacation, preparing for retirement, or building an emergency fund. Creating shared responsibility will help you develop a plan to earn enough money to reach your dreams, which strengthens your relationship as you move forward together.

4. Budgeting

Budgeting is the foundation of managing money, and as a team, you should learn to handle your finances wisely to benefit both of you. Start by listing your monthly expenses and deciding how much of your income will go toward everyday costs like utilities (electricity, water, internet, rent, etc.). Financial responsibility and discussing spending habits are crucial as you plan your budget for not just the months ahead but for years to come. Ensure that you both feel comfortable discussing it and find common ground to compromise on decisions for everyone’s well-being.

5. Financial Responsibility

Now that you have addressed the role of money and how it is used, it comes down to responsibility. This relates to budgeting because once you own property, expenses should be shared between you and your partner. You can start by dividing costs such as utilities, groceries, insurance, and mortgage payments. Discuss how you will both contribute to these expenses and establish a system to ensure payments are made on time. It’s important to understand that financial responsibility isn’t just about contributing equally, but also recognizing each other’s financial strengths and weaknesses. There should be no judgments in all of this, and always be ready to lend a helping hand when times get tough.

6. Retirement Planning

Enjoying the fruits of your labor should be part of the plan, especially when considering the future. Besides saving for emergencies, as a partner, you should also set aside funds for retirement so you can support yourself without relying on your children and relatives. All the tips mentioned so far are interconnected, and being financially responsible with your expenses and doing your due diligence on how you budget your shared account are crucial for a secure retirement. It’s never too early to start thinking about these plans, because they will significantly impact your lives later on.

7. Emergency Funds

Preparing a backup plan is vital when money is included in the talks. Set aside an emergency fund for unexpected expenses or difficult situations. Life can be unpredictable, and having an emergency fund can provide you with peace of mind. But remember that you are not alone on this one, that if you need a Helping Hand, JuanHand got you covered. You can borrow up to ₱50,000 with a daily interest as low as 0.025% which is payable in 9 months. The requirement is just 1 Valid, and you can get approved as fast as 5 minutes. Your loans are also safe because it is SEC-registered and NPC-compliant, making them trusted by millions of users nationwide. So, don’t worry about the emergency expenses because JuanHand got you covered.

Money is a personal topic for all of us, whether in a relationship or not; finances are one of the core elements in building dreams. This is why discussing these matters with your partner is important, as you will be spending the rest of your life with that person. Plus, understanding each other and reaching the middle ground on certain matters is key to healthy communication that will break down walls and build a solid foundation for a beautiful dream waiting to happen.