5 tips for talking about finances with your significant other

Talking about finances with your partner can be tricky and sensitive, but it’s important to ensure both parties are on the same page. Couples should discuss financial topics like saving money and getting a life insurance policy to avoid potential financial stressors down the road. Through open communication and understanding, couples can make decisions together that best suit their individual and collective needs.

To help couples navigate this conversation, here are five tips for broaching the subject.

1. Set aside dedicated time to talk about finances.

Both partners must understand that discussing finances is vital and should set aside some time each month or week to discuss financial decisions together. Even if it’s just for an hour, having time specifically to discuss finances can help prevent arguments down the road.

2. Define clear goals.

Before starting the discussion, figure out what each person wants financially in the short-term and long-term, such as saving for a home or creating an emergency fund. Setting goals makes it easier to stay on track during financial discussions and helps to ensure both parties are on the same page regarding their financial goals.

Remember to be specific, realistic, and measurable when defining financial goals. Set a timeline for each goal and make sure the goals are value-aligned so that they become meaningful and relevant. Take action towards achieving these goals by breaking down large goals into smaller, more manageable tasks.

3. Discuss life insurance policies.

An essential part of any couple’s financial planning should include discussing life insurance policies and whether or not it is something each partner wants to invest in. Determining which life insurance policy best fits the household’s needs ensures the family is covered in the event of a catastrophe. If either person needs clarification about any of the details, ask a financial advisor questions, like do you pay taxes on life insurance? And what is included and excluded within the policy?

4. Make sure both partners understand where their money is going.

Both parties need to understand what expenses they have and what income they receive each month or year, ensuring that it covers their shared needs and goals together. To begin, each person should list all income sources, such as wages, bonuses, investments, etc., and all expenses, including rent/mortgage payments, food costs, transportation costs, student loans, or other debt payments.

If there is an imbalance between income and expenses, adjustments may need to be made, like cutting back on certain spending items or committing to saving more money each month. Clear communication throughout the process helps ensure both partners are comfortable with any changes.

5. Find ways to make managing finances easier for both parties.

Setting up automated payments, using budgeting apps and tracking expenses, or meeting with a financial advisor to create an action plan for the future can make managing finances easier. Regular check-ins and conversations about money will help both parties stay on the same page.

Making progress towards a goal can be an incredibly rewarding experience and encourage couples to work together in money management. Try establishing milestones along the way to stay motivated.

Bottom Line

By following these five tips, couples can work together to have productive conversations about finances while making sure that both partners are on the same page when it comes to their money. Doing so will help them reach their goals and a secure financial future.

Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.???

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