How to Discuss Finances in Your Relationship

Financial Focus for Women

Financial Focus for Women:
An article series created by Bill Few Associates to help women achieve financial independence.

Finances can be a source of conflict in any relationship and for good reason.  Money supports our lifestyle, funds our hopes and aspirations, and assists in caring for our loved ones.  Disagreements over how we spend, save, and borrow money are disagreements over how we are living today and how we see ourselves living in the future.  Each individual brings to the relationship their own financial goals, values, and habits. Getting these goals, values, and habits to align is difficult.  The first step is to start the conversation.

Talk about what you value.  These are the beliefs that support your goals and explain your financial behavior.  You may value family, financial security, or simply living for today.  Our values are often shaped by our upbringing and without concerted effort they change very little over time.  Find what values you share with your significant other.

Set goals that are in line with your shared values.  Goals are the execution of our values.  They are specific plans that we mean to achieve and check off our “to-do” lists.  If you value family, one of your goals may be funding your child’s education.  If you value financial security, you may set a specific emergency savings goal or a goal to obtain life insurance.

With specific goals defined, you will need to assess your spending and savings habits.  If your values and goals do not match up with your spending and savings habits, you may need some help to create new behaviors.  To keep you on track, you can plan regular sit downs with your significant other or engage with an experienced financial planner.

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There is no “right” answer that will fit every couple.  As individuals, we are unique and so are our relationships. Even though finances are one of the most common things couples fight about, there isn’t a common solution that fits all relationships.  Consider working with a financial planner. Financial concerns and planning can become an emotional topic.  A financial planner acts as a neutral party and is able to provide perspective.  Furthermore, a financial planner can assist in identifying realistic goals based off shared values and available resources. Their knowledge can help you with happily ever after.

We welcome you to contact our experienced financial advisors.  They can evaluate your situation and create a plan to help you achieve your goals.  Call us today at 412-630-6000.  We are here to help.

CFP Board owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNERTM, and CFP® (with plaque design) in the U.S.

Contact Mia Kovacs, CFP®

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