How couples communicate about money can be just as important as the message they’re trying to get across, says Scott M. Spann, CFP®, EA. “Always be aware of how you are actually communicating with a spouse or loved one about money matters,” Spann says. “Never forget that how you say things is just as important as what you actually say.”
He offers these tips for communicating with your spouse about money:
- Set a date.
- Establish open lines of communication.
- Talk about your life experience with money.
- Give and Take. If you’re going to ask your spouse to sacrifice something you need to be willing to do the same.
- Set boundaries on what can and cannot be discussed.
Avoid secret spending.
- Agree on a personal spending plan (or budget).
- Discuss your financial matters on a regular basis.
- Seek professional assistance if necessary.