💸 We Need To Talk
5 valuable tips you'll want to cash in on 💰
Talking about money can be awkward, especially with your partner.
Do you find yourself unsure about their long-term goals, or feeling insecure about managing finances together?
If these sound familiar (or if that’s you ^^)—then you’re in the right place!
And if you’re single, no worries. I’ve got valuable tips for you too :)
It’s easy to keep money matters private, but open and honest discussions can transform how you manage your finances together.
Here’s a peek into how my husband and I navigated our financial journey:
Back when I was working a traditional job, we kept our finances separate.
After becoming a stay-at-home mom, I struggled with not having my own money. I felt uncomfortable asking for funds for personal items, while he stressed about bills, and I was overwhelmed by the unknowns.
We had a few small chats here and there about needing a serious money conversation. Eventually, we finally sat down last year and had a heartfelt discussion about our finances.
After a few months with this new plan, our money grew faster. Not because we earned more, but because we shared a clear vision. It felt great knowing we had a better handle on our money.
With open communication and collaborative teamwork, we grew more connected.
Together, we understood our shared goals and planned how each paycheck would be spent or saved.
No matter what your situation is, this experience shows how important it is to have conversations about money.
It’s not about whether you should have joint or separate accounts—it’s about tackling those tough discussions with yourself or your partner.
As we approach the one-year mark since that conversation, here are my key takeaways:
#1 Talk to your partner (or reflect on your own) ✨
“Communication is key” isn’t just a cliché—it’s essential. Especially when it comes to money. Openly talk about your financial views, habits, and concerns. Share your fears about debt, savings, or spending. Regularly check in with each other to understand how you’re both feeling about your financial situation.
If you’re single: Reflect on your own spending. Understanding your finances will help you make informed decisions and set realistic goals.
#2 Figure out your short- and long-term goals 🎯
Know each other’s financial goals, from saving for a vacation to planning for retirement. Understanding these things will help you support each other. Discuss both personal and shared goals, like buying a house or starting a family. If you’re single, set your own goals to guide your financial planning.
#3 Create a budget 📊
I know. That word gives me the ick too. Think of it as a “spending plan” if that helps. A budget is simply a guide to manage your money better, not a set of strict rules. Track your spending and adjust your plan as needed.
#4 Review and adjust 🔍
Stick to your Spending Plan as much as possible, but be flexible. If you overspend in one area or need to make changes, adjust your plan. Frequently review your budget to see what’s working and what’s not.
#5 Have money chats often 💬
If you take away anything from this post, let it be this: talk about money often. It might feel uncomfortable at first, but the more you do it, the easier it gets. Whether you’re in a relationship or flying solo, having frequent conversations helps you stay on the same page and prevents bigger issues down the road.
What’s one money chat you’ve had (with a partner or about your own finances) that made a big difference in your life?
LOVE THIS! - We both work full time and put both of our salaries in the same checking account and we'll move from there to pay our bills and send to savings, etc. Then, we'll send each other an equal amount of guilt free spend amount every other week, we call it "the salary". We also do a money meeting each month, review spending and savings and net worth and set some spending goals for the month. It's been a game changer.
Good advice, Millie!