More than money, discussions about money matter in relationships. Your financial priorities may differ from those of your partner based on your upbringing, experiences and values. As in any healthy relationship, some disagreements are likely, especially when it comes to money. Here are a few suggestions to ease the tension.

How to understand your relationship with money

It is a good idea to start with yourself. First, know your own values and why you treat money the way you do. That will help you have a more open conversation with your partner. Ask yourself these questions:

• How do I save, spend, and invest my money?
• What is my attitude? Do I enjoy treating myself often or prefer saving for a rainy day?
• What are my money goals and priorities?

How to discuss money with your partner

You may not share the same money values, but it is important your relationship is transparent about money matters. Here are some suggestions:

• A conversation every month would be a good starting point. When you discuss your monthly bills, expenses, and budget, you will better understand each other’s financial values.
• Your money conversations should cover all aspects of your finances.
  • Your short-term goals, and how you can align those with your long-term goals.
  • Plan your budget. Consider your expenses and prioritize what’s important to both of you.
  • Talk about investments, insurance, taxes, an emergency fund, a holiday fund, retirement life, etc. Categorize expenses into fixed and variable. Be clear about the frequency of every expense. Ensure the budget covers everything.
  • Create a financial roadmap for your journey together. Hire a credible planner if you have not already done so. The planner will understand your money matters and attitudes. They have experience in dealing with money tensions and disagreements. They can help shape healthy habits, and ensure accountability.

How to resolve communication problems

In any relationship, disagreements are inevitable, especially regarding money. What is important is to accept the conflict, and then work towards resolving it.

• Identify and write down the problem so that you have a clear understanding of it.
• Don’t be judgmental when listing solutions.
• Decide which solution is feasible for both of you and choose it.
• Set deadlines and divide the work. If any roadblocks arise, think of possible solutions together.

A good money conversation begins with accepting that you and your partner may have different financial values and experiences. The two of you should be able to agree to disagree, come up with a solution, and have a good, positive discussion about money.

To improve your relationship with money, work to improve your own understanding of how money influences it. A trustworthy financial advisor can help you:

• Enhance healthy behaviour
• Express your emotions about money
• Encourage informed decision-making
• Be consistent with and committed to your financial goals
• Help you think more positively about money and much more.

500+ couples trust IMM financial advisors with their money matters, personal financial planning, retirement planning, wealth creation and overall financial health and happiness. Have a question? We will be happy to answer: International Money Matters Private Limited (zohobookings.in)