How can I manage money with a partner who has different money habits?

Do you have any advice for managing money and budgets with a partner who has a different view of spending and saving than I do?

Submitted by anonymous.

Ah, love and money! This can be blissful or stressful. For many people, money can make or break your relationship. It is pretty common to partner with someone who has different perspectives about money. Opposites attract, right?

Talking about money early in a new relationship is the best way to put your cards (see what I did there?) on the table and figure out how you want to manage money as a couple. Money problems rank as one of the top 10 reasons for divorce, so having a money talk at any point in the relationship can save headache and heartache.

Here are some tips for having a productive, collaborative talk about money:

  1. Start by finding a neutral place to have the conversation. Minimize distractions and create an environment that is comfortable for you both, like a coffee shop or park.
  2. Agree to focus on your desired outcome rather than what the other is “doing wrong.”
  3. Identify an area that you EACH would like to focus on and choose a goal. Where do you want to end up? For instance, if you’re both stressed about emergency savings, find a target amount you both want to save and discuss how you can work together.
  4. Working with a financial coach is also helpful if you find that you need an objective third party to help you build a roadmap.
  5. Most importantly, listen to each other. Try to understand what is important to you as a couple and what approach is likely to get you there.

Photo by Ugur Akdemir on Unsplash


Recommended Articles

6 Steps to Create the Perfect Budget

The key to creating a budget is finding what works to help you manage your money. Many budgeting tools exist, but you need to find what works for you. Managing your money is about choices – choosing how to earn, spend, save, and keep track of your money. A personalized, realistic budget can help you… Read more

Maria’s Story: $100 Saved from Every Paycheck

Meet Maria, a social worker assistant with Tribal Child Protective Services. She lives with her husband and three daughters in Phoenix, Arizona. What do you do? My husband is a construction worker and I’m a social worker assistant with Tribal CPS. I enjoy being able to work with kids and help them through problems. What… Read more

Grab a Friend! Social Strategies to Help You Save

There is strength in numbers! This is especially true when you’re trying to reach your goals and change behaviors. Weight Watchers uses this principle to support healthy eating, and Alcoholics Anonymous uses it to encourage sober living. Emerging research shows that peer support can increase your confidence and sense of control. Social support also makes… Read more