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Personal Finances

Top Reasons You Should Talk About Your Finances with Your Significant Other

Clock5 min. read
byVexxit Staff onJune 29, 2020

It’s one of the most important discussions you’ll have with your partner. Are you prepared?

Income. Credit card debt. Budgeting. Finances. If reading those words made you wince, you’re not alone. Money is one of the most uncomfortable subjects to bring up, but it’s also one of the most important things to communicate openly with your partner—a BMO survey found that fighting over money would be the top reason for divorce for 68 percent of Canadians. That’s even higher than infidelity.

If you’re not already reaching for your phone to discuss your money with your honey, read on to find out why it’s so important to talk about your finances with your significant other. And remember, you can always connect with a trusted debt advisor or consultant on Vexxit to help you along the way.  

Transparency 

While it can be difficult to discuss finances, it only becomes more difficult the longer you go without confronting the situation. It’s not the kind of issue that you can simply ignore, like your partner’s penchant for 90’s band posters as decor or a disapproving mother-in-law. 

It’s important to be transparent and honest about your finances upfront so you can feel confident you have one another’s support from the beginning. That way, if you make a mistake or encounter a problem (see: more than three million Canadians applying for jobless benefits amid COVID-19), you can be open about the situation instead of trying to hide it and deal with the issue alone.  

Accountability 

Sort of like how you’re more likely to wake up for that 6AM workout if you’re meeting a friend at the gym, setting financial goals and sticking to a budget is easier when you have someone to do it with. Being open about your finances with your significant other means you can hold each other accountable and work towards a shared vision, like saving for a house or spending less money dining out. Plus, once you reach those goals you can celebrate together, which makes the success feel even sweeter. 

Communication

It’s obvious now that talking about finances with your partner is incredibly important. When you’re ready to start the discussion, there are a few more things to keep in mind: 

-Don’t judge your partner’s spending habits or financial past. As long as you’re working together toward a shared goal, past mistakes can be worked through and forgiven. 

-Focus on your shared values and goals instead of just the numbers. By looking at the big picture, you’re able to take a step back and put the numbers into perspective.

-Acknowledge your emotions, but don’t let them run the show. 

-Make it a routine to have regular discussions about your finances, whether it’s once a year or once a month. It’s also important to regularly reassess goals to make sure they are still lining up with your values. 

-Meet with a professional, such as a debt advisor or trusted consultant, who can act as a neutral third party and give expert advice. You can connect easily with one on Vexxit today. 

Find a Financial Advisor

We can connect you with a financial advisor who can help you and your significant other reach your financial goals.

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