How to talk to your partner about money (and yes, you really need to)

Lorraine Donegan on why clear communication about finances is crucial, and how to broach the conversation with your partner about money.

Talking about money is an emotional, draining, awkward, complicated business – but if you’re married, engaged or serious it’s vital that money conversations become a regular talking point in your home., but you don’t have to become part of that statistic – if you approach the subject correctly and ask the right questions, things will be easier both now and in the future! Here are my top five tips.

Answering these questions honestly will help you both to identify if you’re a spender or a saver and take action accordingly. If you or your partner are a spender and approach money with a “you only live once” attitude, this could become very problematic as you move through life together and have to deal with a mortgage, loan and bill repayments.– it doesn’t really matter how much.

Answering these questions regularly will keep you focused and financially on track as a couple.Similar to the point above, in 5, 10, 20 years’ time, where do you see yourselves? Do you want to rent, buy or upscale your home? Do you want children – they are adorable but expensive! If you have children already, have you factored in their current and future education costs?

All couples differ. Some couples merge their incomes, others like to keep a ‘what’s yours is yours, what’s mine is mine’ approach to retain a sense of independence.

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