How often do you and your partner talk about money? How does that conversation go? If the thought makes you a little twitchy, you’re not alone. 62% of couples in the UK say they’ve argued about money. The most common reason: one partner says the other spends too much.

While disagreements are a normal and even healthy part of relationships, financial talk doesn’t need to end in conflict. How you handle your finances now affects your long-term plans, so finding financial harmony as a couple is important. Not only can it reduce arguments, but it can keep you working towards the same goals as a team.

Time to get on the same page and start talking about money with these simple conversation-starters. Ask each other these 7 questions, listen to each other’s points of view and see how you can work together – or with a financial planner – to bridge the gaps.

1. Are you talking about money in normal conversation enough?

Despite money playing a huge role in your life, the research found that couples often find it difficult to talk about finances.

Making money topics part of the conversation in your home is an important first step. Sometimes, disagreements may occur due to a misunderstanding that being more open can solve. In other cases, a conversation can help you understand your partner’s view so you can minimise financial challenges.

2. How open are you about your financial situation? How open do you want to be?

If you currently keep your finances largely separate from your partner, they may not be aware of your situation, and vice-versa.

Being open about debt, outgoings, and other areas of finance can mean you’re both in a better position to understand the financial decisions being made. It can also give you an insight into how your partner views money and where your differences may lie.

Understanding your partner’s financial situation is particularly important if you’ll be making a financial commitment with them, such as opening a joint account or taking out a mortgage.

3. Is your household budget-management working for you?

If you share household expenses, understanding how they will be split and what they will cover is important.

For some couples, simply splitting expenses 50-50 makes sense. For others, taking income differences into account may be better suited.

What’s important is that you find an option that works for you and create a plan that matches your needs. This may mean depositing a set amount into a joint account every month or each of you taking responsibility for different outgoings.

4. How do you feel about your partner’s relationship with money?

How your partner spends money can be a cause of conflict, especially if you don’t agree with their purchases. If this is something you argue about within your relationship, giving yourself and your partner a set budget to use however you like can avoid this.

It means you can both indulge in what’s important to you while knowing that you’ll still be on track to cover essentials and other financial goals you may have.

5. What are your short- and medium-term savings and investment goals?

With a day-to-day budget organised, it’s time to start thinking about other goals you may want to set aside money for. This could be to buy a house, start a family, go on holiday, or build a financial safety net.

Having clear saving or investing goals means you're both working towards the same things.

Knowing that you both need to put money away at the beginning of the month means you know where you stand, and it can minimise arguments.

6. What are your long-term goals?

Saving goals looking ahead for the next few years are important, as are ones that will affect your life in several decades.

The sooner you start thinking about areas like retirement planning, even if it seems a long time away, the more manageable your goals will be.

If you haven’t discussed how much you and your partner are putting away in your pension each month, for example, it can be difficult to calculate if you’re on track for a financially secure future as a couple.

So, when setting out a budget and what you want your future to look like, don’t put off long-term planning.

7. Is it time to get a professional financial plan in place?

Balancing different goals and views on money can be a challenge. By working with a financial planner, you can create a plan that you can both have confidence in and incorporates both of your aspirations to provide long-term security.

The financial planning process can help make sure you’re both on the same page, from discussing what your long-term goals are to reviewing your risk profile when investing. These steps can mean your financial decisions reflect what you both want from life with a clear blueprint to follow.

If you’d like to arrange a meeting with us, please contact us.

Please note: This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.