FINANCIAL TOPICS TO DISCUSS WITH YOUR SPOUSE


FIVE FINANCIAL TOPICS TO DISCUSS WITH YOUR SPOUSE

Financial conversations between spouses are always something hard to do but it should never be avoided. Many people find it hard to show their financial status to their partners for fear that they may lose control over their earnings, but that isn’t the case, opening up to your spouse about your financial status help you to spend wisely and plan for future development.

Perhaps what makes it hard for spouses to have a financial conversation between them is failing to know what to talk about, the truth is there is so much to talk about finances than you can imagine.

If you are one of those people who want to talk matters finances with your spouse and don’t have a clue where to start, here are five financial topics you can discuss with your spouse.

PAST FINANCIAL MISTAKES

Don’t ever feel guilty when it comes to revealing your past financial mistakes to your partner, we all make mistakes and learn from them, if you took a loan that went wrong or you invested in something that was not worth it just say it, it is important to know each one’s mistake to know how to help each other in their financial weakness.

YOUR EXISTING FINANCIAL POSITION

This is one financial topic many couples avoid, but it is good to talk about it because it helps you know where your partner stands financially. Open up about your debts, investments, financial plans and any other thing that touches your financial status this will help you to know what steps to take in planning your future together.

FUTURE FINANCIAL OBJECTIVES

Something else to talk about is your long and short-term financial objectives if you have children or you are planning to have them, talk about finances related to their education and welfare. If a family member or a friend asks for financial support what will you do as a couple, also discuss your savings and spending objectives, how and when you will buy a house, your insurance and health covers, and what to invest in.

TYPE OF BANK ACCOUNTS TO HAVE

Talk about your bank accounts and how much it holds does not insinuate that you will not have control over what you earn, it means you are bringing together what you earn to achieve your financial goals together. Agree on how you will combine your finances, whether you want a joint account or separate accounts, if you decide to have separate accounts then there should be complete honesty to one another.

BUDGETING

How do you want to budget? This is another crucial topic you should discuss with your spouse; choose in what way you want to budget together and create a plan on how to do it, budgeting can be a road-map by which you can realize your financial goals.

CONCLUSION

Financial conversations with your spouse should be frequent and transparent, this is the only way you will feel financially secure. Not only that but with planning, you will achieve a lot together.


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