Tips for Talking about Money
Let's face it: Money is a difficult subject to broach in any relationship, especially a new relationship.
At KMA Therapy, our psychotherapy and psychology team are always meeting new couples and families who struggle with discussing these issues, and some who are experiencing familial difficulty because of money issues.
I've always been a huge advocate of financial planning myself - both in my business and in my personal life. My husband and I regularly sit down at least once a month to discuss our financial goals together. It's my favourite time to reflect, set goals, and dream for our family.
Here are my top tips for couples and families to talk about money and set up a positive financial future:
- Get help: Consulting a financial advisor can help couples revisit and combine their financial plans and ensure they are on the same page when it comes to spending and saving.
- Be honest: The definition of conflict in any relationship is having expectations and then seeing those expectations be disappointed. Couples blending families should have honest and open conversations about finances in order to build a solid financial future for their combined families.
- Talk, talk, talk!: Conversations about money can be difficult, but it’s through those conversations that families can address any potential pain points down the road.
- Set Goals: Research shows that setting goals in anything in life helps us succeed. So why not set financial goals as a family as well? Scheduling a family meeting to talk about these goals is essential.
- A recent survey by TD found that one in five Canadians say they are either starting over with a new partner, or thinking of doing so.
If you are starting again, it's even more imperative to get these money issues out on the table.
The more people are involved in the equation, the more priorities you'll need to sort through. Do you want to take a family vacation, travel the world, send the kids to private school?
