Having the money talk in new relationships can be rather very awkward.
Relationships can get expensive, from paying for weekly or monthly dates, buying each other gifts or even splitting the bills if you live together.
Instead of tiptoeing around having the money talk, or doing your best to avoid it, it’ll inevitably come up and the consequences of avoiding this talk in the early stages of the relationship can become disastrous, and you don’t want that.
Research shows that generally, talking about one’s finances is typically considered more taboo than talking about politics, sex or any other topic.
Jackie Lam, a personal finance writer shares some tips on how to manage money in new relationships:
Talk about who will pay for what
It’ll be best to talk about who will pay for what at the beginning of the relationship. Discuss who is paying for dates, if you guys will go halfsies on all the dates or if you’ll rather take turns on who pays for the entire date.
Listen and observe
At the very early stages of the relationship, if you listen closely and observe, you’ll have an idea of your partner’s finances. Listen when they talks about their likes, does they have an expensive taste or are they just in between.
Get to know your partner’s financial situation, gradually you’ll know what and what not to expect. Do not impose your money ways on the other person.
Start with shared values
If you have just moved in together this will play an important part. Establish your shared values, likes and dislikes. Does your partner like doing grocery shopping at high-end shops and you love the discount grocers, do you both value healthy living and nutritious meals? Establishing your shared values will allow you to meet on a common ground, spending wise.
Take time to ask
Set some time aside to have the ‘Money Talk’ with your partner. Whether it’s a concern you have about their spending habits, or sharing your own issues managing debt, you’ll want them to be prepared to have an honest heart-to-heart. Money might seem like a heavy subject, but it doesn’t need to be. By breaking down the taboo you can take the first step on a joint path to financial health.
Also see: Tips to maintain a healthy relationship in the 21st century
