Young couples: 5 tips for talking money

Money is a sensitive subject. By breaking with tradition and talking openly about your finances together, you’ll avoid unnecessary arguments.

Easier said than done? Here are 5 tips to help you.

1. Talk about it

Avoiding the subject isn’t the right strategy. You’re better off talking about your finances at the beginning of your relationship.

Discussing the matter helps you understand your partner's approach to money.

Write down your financial goals and set your shared ground rules. A financial advisor may be able to guide you through the process.

2. Set a budget

A budget is like a snapshot of all your common income and expenses

A budget will help you make sound decisions and any adjustments along the way so that you’re not knee-deep in debt.

In general, we tend to underestimate the following expenses:

  • Gifts
  • Vacation
  • Leisure
  • Basic home and car maintenance

3. Splitting your expenses equitably

Once you have established your budget, put money aside in your joint account for shared expenses. You can determine the amount based on your respective incomes, and then divide the rest between the two of you for your personal expenses. You’ll therefore avoid any sources of conflict, guilt or having to be secretive about your money.

4. Honesty is the best policy

Even if you postponed reimbursing your student loan or credit card, you should be completely upfront about your finances. Don’t hide anything.

Being open is key to a happy relationship.

5. Plan ahead

Life can sometimes throw you a curveball, and sometimes it can be of a financial nature. That’s why it’s important to think about life’s unexpected surprises and start an emergency fund, which will come in handy when you need it.

Last but not least

Our emotions can sometimes impact our financial decisions.

Financial security advisors are there to help you clarify certain points and develop sound budgeting strategies. That way, you can focus on what’s important: planning your life with your other half.