What Is Financial Counseling For Couples?

HOW TO BUILD TRUST AROUND FINANCES IN YOUR RELATIONSHIP

Here at Growing Self, along with marriage and family counseling, we often do financial counseling for couples seeking to get on the same page around money. Let’s face it: money is a loaded topic. From our younger years, we are taught that finances are not a polite dinner-time conversation. It’s poor etiquette to bring up your salary, your expenses, your debt, and your money goals even among your closest relations. Why is this?

Our personal finances often influence how we feel about ourselves. They can have a huge impact on how much freedom, power, security, and comfort we experience in our day-to-day lives. 

Finances impact our significant life and relationship milestones, like getting married, having a baby, or buying a house, and can also figure heavily into big decisions like pursuing education, addressing medical needs, and planning for retirement.  

Money, more than almost any other topic about which couples fight, directly bears on survival (some researchers have even noted that fights about money are more likely to end a relationship than fights around other topics).

In my experience as a couples therapist and relationship coach, there are several reasons why couples struggle to address their money woes both individually and as a team. Today I want to provide you with easy to incorporate tips on how to talk about the taboo topic of money with your partner.

Why Is Money Such An Uncomfortable Topic For Couples?

Let’s face it: money is a loaded topic.

Most of us were taught early on that sharing financial specifics is rude, and clients have sometimes told me that talking about money makes them feel embarrassed or “exposed.” If you feel this way too, you’re not alone.

For those who are in a budding new relationship, talking about money may not be necessary. Then, when you get to the point in your relationship that it feels like the right time to start addressing this topic, it can feel so foreign and surreal that you just keep pushing it off.

Because expectations around sharing and transparency are unclear, couples are left asking lots of questions without any clear blueprint for the “right” way to proceed.  

Do we combine our finances, or keep separate accounts? 

And if we are going to combine them, when do we do that? When we move in? 

When we get engaged? When we get married? 

How much influence should we have over each other’s spending?

Do I have a right to know where my partner’s money is going?

The discomfort goes both ways. For those who have been successful with their finances, they may feel rude bringing it up (almost as if boasting their money success), even though they have worked hard to get to where they are, practiced self-control, and self-discipline with their money habits.

For those who feel less than successful with their finances, they may feel shame or regret around their finances and they don’t want to bring that into their relationship with their partner. Talking about finances is emotional. Telling your partner about a large accumulation of debt may feel shameful.

You may be fearful of how your partner may view your spending or saving habits, or worry that entering a discussion about finances will end in a fight. The way you manage your money reflects your values, and when partners criticize these choices in one another, it can feel uniquely threatening.

When To Discuss Finances As A Couple

Many of the  couples who come to me to find clarity around discussing their finances are at a loss for how to move forward. They have already exhausted the topic, fought over whose approach is better for the relationship, and have often felt unheard by their partner (or have experienced broken trust surrounding finances within the relationship).

You don’t have to wait until you get to that point. In fact, the earlier you start talking about finances, the easier it will be to create a plan together moving forward.

How Do I Bring The “Money Talk” Up In My Relationship?

Start by checking in with yourself. Getting an accurate and up-to-date sense of where your money is going on a regular basis will allow for you to approach the topic with confidence. 

Take stock of bills and scheduled payments, debt (including any student loans, a mortgage, and credit card debt), regular monthly expenses (like gas, groceries, etc.), and any miscellaneous spending (think: eating out, travel costs, buying Christmas presents, and so on). 

If you’re a little on the budget-avoidant side of the spectrum, it can be helpful to take your own financial pulse before raising the issue with your partner. That way you may be better prepared to answer their questions, and you’ll be more aware of whether or not you’re satisfied with your current spending habits. (If you’re already operating from shared accounts, you may be able to skip this step!)

Because finances can be an uncomfortable conversation (at first–it gets easier!) I recommend that you schedule a time to meet with your partner in a neutral zone – whether that’s at home, at a coffee shop, or maybe even out on a walk. Don’t spring the conversation on your partner in the middle of a romantic dinner, around friends, during work, or at your family reunion (although I’m sure I don’t need to tell you this!).

Financial Conversations Every Couple Should Have

You already know where you stand financially (hooray for finishing step one!), and maybe you now have a better sense of where you want to be. So, begin the conversation by sharing these details with your partner: be honest and transparent about where you are, and describe where you ultimately want to be financially as a couple.

Once you’ve shared, allow your partner to weigh in. If this conversation comes as a surprise to them, don’t expect them to have all their answers or point-of-view laid out clearly right away. They may need some time to think about what you’ve shared and to take stock of their own financial situation.

While you have this ongoing conversation with your partner, share your goals and listen respectfully to theirs (no matter how different they are from yours). Maintaining an open, nonjudgmental stance is the best way to keep the conversation from shutting down or spiraling into conflict.

Expectations From Financial Conversations As A Couple

Beginning this conversation will allow the two of you to set expectations around your money. The whole point of this conversation is to build trust, awareness, and success in your relationship and in your finances.

This conversation should lead you toward shared goals, an idea of what your future looks like, what you can each expect out of your current employment status, what changes you need to implement, and how you can achieve your financial and lifestyle goals over the next one, five, ten, or even fifty years.

Three Tips To Successful Communication Around Finances

Respecting your partner will be what gets you through any difficult conversation, especially when the conversation has to do with something as life-altering as money.

If there are large disagreements, try talking about the meaning behind your position and asking about what your partner’s position means to them. 

Example: having a higher eating-out and entertainment budget might be your way of prioritizing community and friendships, while saving that money might be your partner’s way of feeling secure in the face of potential future emergencies.

Here are three tips for successful money talks.

1. Be Patient

As discussed earlier, this is not a one-time-over-morning-coffee discussion. It’s an ongoing conversation that you may need to have weekly, or at the very least once a month. The more time and effort you put into discussing and implementing change in your finances as a team, the more successful you will be. It takes time, and that’s okay.

2. Be Realistic

Change is not going to happen overnight, and you’re not always going to see eye-to-eye but if you’re realistic with yourself, your partner, and with your bank balance, your relationship will have a better chance of moving forward at a manageable pace towards your goals.

3. Be Compassionate

Above all, be compassionate. People mess up. Have grace both for yourself and for your partner. Recognize that new habits take time to build, and that you probably won’t have everything figured out in your first month (or year) budgeting together. And guess what? That’s okay too.

Final Thoughts on Financial Counseling for Couples…

Do What’s Right For YOUR Relationship

There’s more than one way of handling your finances. If you are having trouble finding the right method for your relationship, maybe speaking with an expert to gain insight into what might work best is the right move for you and your partner. 

Don’t Be Afraid To Try Different Approaches

There is no one right way to talk about money or handle your finances. You don’t have to be a money expert to start making good money moves. Working together as a team is going to be the MOST important step to achieving your financial goals, and to maintaining trust in the relationship.

Avoid Financial Infidelity At All Costs

A good rule of thumb in relationships: the moment you feel an impulse to conceal something, that’s your cue to share it with your partner. Financial infidelity can destroy relationships. Admitting that you made a poor decision is less harmful in the long run than getting caught hiding it.

Here’s to your financial success together!
Amanda S., MS, MFTC