How to Talk to Your Spouse About Finances

According to experts, money issues are the most common reason for divorce. To avoid discussions and misunderstandings, it is important that you establish some ground rules and agree on how you will handle financial issues in the family. Read on to learn how to talk to your spouse about finances.

Difficulty: Moderate

Instructions

1. Find a neutral time and space to sit down and talk. Don’t talk finances at dinner time or casually over coffee. Instead, schedule a time when you know there will be no interruptions and you will be able to speak freely. Home is better than a public place, since you will be more relaxed and free.

2. Have a plan in mind. Rather than talking about finances in general, choose a few topics that you want to approach first. Whether you are concerned about credit card debt, want to plan a budget or need to find new ways to save and invest, knowing where to start the conversation will make it easier to stay in track.

3. Focus on goals. Decide where you want to be in six months, a year or five from now. Work out a plan of action based on your goals and your present situation but looking to change and improve your finances in the long-term.

4. Agree on the basics first: who will pay the bills, who will be in charge of the budget, whether you will have separate and join accounts or just separate ones. Even tracking your spending can do wonders for your finances if you do it for a couple of weeks before you sit down to talk. Do that and you will be able to talk to your spouse with more information in hand.

Tips & Warnings

• Avoid confrontations. Even if you’re upset about something regarding finances, don’t start the conversation with accusations or from a defensive position.
• Don’t wait until a financial problem comes up to talk about money.