Dealing with finances as a couple is one thing, but trying to come together when you have different views on finances is another completely. Because the truth is, money makes the world go ’round. Which begs the question: Is having different views on finances a relationship deal breaker?
Sharing a life with someone who doesn’t have the same money habits you do can be challenging, but that doesn’t mean your relationship’s doomed. Like anything in life, this can be dealt with and overcome with strong communication.
So, if you and your partner have different views on finances, don’t stress. With these 7 tips, you can deal with your different financial views and get on the same page. Keep scrolling to learn more.
7 ways to deal with different financial views:
1. Normalize talking about money.
Money might be a taboo subject, but it’s time to rewrite that narrative. Being able to discuss finances is crucial for the health and longevity of any relationship, so normalize talking about money with your partner. Start by setting aside time to discuss finances together; it might be a time to talk about your bills, budgets, or money woes. Doing this will help you get comfortable talking about money, and you’ll eventually be able to casually slide it into conversation.
2. Get real about your spending habits.
Childhood impacts everyone differently, which is why you should think and talk about how money was handled during your up bringing. Examining this might be unpleasant, but chances are it’ll give you insight into your spending habits now; you’ll be able to connect the dots and determine what you need to work through to develop a healthy relationship with money.
Talking about this together will give you both insight into each other’s financial views. So, not only will it help you see it from their point of view and vice versa, but you’ll also be able to guide each other and work together moving forward.
3. Be honest about how you view each other’s financial views.
Similarly, it’s important to be honest about how you view each other’s financial views and spending habits. Is there something you’ve noticed that they haven’t? Do they have a certain pattern when it comes to handling money? Communicating about this will help prevent resentment from building if one of you handles money differently than the other. Plus, it might provide more insight into how you both view and spend money. This will be helpful for your long-term financial health.
That said, it’s important to talk about this honestly and kindly. Instead of berating them for being terrible with money, talk about what you’ve noticed and give them some tips that might help them moving forward. For example, if they spend recklessly, suggest they try going on a spending cleanse for a week to see which areas they’re overspending in.
4. Discuss your financial goals.
Once you’ve done the work above, it’s now time to be honest with yourselves and one another about your financial goals. This is something that needs to be discussed so neither one of you is left in the dark because financial goals can be such a big part of life. This will also help you both come up with a financial plan that works for both of you, together.
5. Consider opening a joint account.
Joint accounts get a bad rep. But in reality, they’re a great way to bring serious couples together financially. Having separate accounts might make you feel more financially independent, but it can backfire in the long run; you subconsciously feel like you’re on separate teams, and it can make it harder to come together as a couple and build your dream life together.
If you’re both willing and comfortable, consider opening at least one joint bank account. It’ll make you both feel better knowing the person who’s better at handling money is overseeing things. Likewise, it’ll be great for your financial health as a couple. Communication is vital here at all stages, so be sure to talk about how the account will be used, who will be overseeing it, and so forth. Plus, this will also be good for in case one of you suffers a job loss or pay cut. You’ll be used to having money as a couple, rather than on your own.
6. Be real about your income differences.
More likely than not, one of you is going to make more than the other one. This doesn’t mean that the person who makes more gets to spend more and/or hold it over the other person’s head—because that’s not fair. Instead, be real about your income differences, and think about all the ways the partner who earns less contributes to the relationship. This doesn’t have to be monetarily, either. Maybe they do most of the cooking or cleaning, etc.
7. Come to a compromise and be honest about purchases.
It might be hard for both of you to see the other one’s POV completely, so coming to a compromise regarding your different financial views is a good idea. Together, decide how you can both make your financial dreams come to fruition moving forward; figure out what you both think is worth spending your money on. When it comes to splurges, be honest about them. If you buy something for yourself, tell your S.O and vice versa. It’s not checking in or asking for permission—it’s simply being honest and preventing money infidelity in your relationship.
