How To Avoid Money Fights

If you’re like most people, you probably don’t look forward to talking about finances with your partner. Here’s one piece of advice you can start using today.

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Couples in healthy marriages are twice as likely to discuss money dreams together. But, discussing money can be difficult, which is why so many couples avoid it entirely.

How can you start to have productive, healthy conversations with your significant other?

Answer: a monthly financial check-in. 

Below are tips on how to do it right, and why it works.

What’s a monthly financial check-in?

A monthly financial check-in is time set aside for you and your partner to talk openly about any financial topics you want. It’s an opportunity to look back on the previous month and to plan ahead for the next month.

There are no strict rules on what you can and can’t discuss, as long as it’s money-related.

Some common examples might be:

  • Upcoming large expenses: Coachella, friends coming to town, or a wedding.
  • Financial goals: Buying a home, saving for college, or retirement.
  • Important tasks: Updating your W-4, opening a new credit card, or combining your finances in a joint cash account.

Why monthly check-ins work so well.

The key is balance. You want to talk about money, but it’s not healthy to have it creep into every conversation.

A recurring monthly check-in solves both these problems.

Some people don’t like talking about finances at all. A monthly check-in gives you a safe space to start the conversation.

Other people think and talk about money all the time, which can be draining on a partner. Unless the matter is urgent, you can make a note and wait to bring it up until the next monthly check-in.

3 Tips To Make Them Effective

  1. Choose a fun location: Try a new coffee shop or head to your favorite sandwich spot. Finance isn’t always fun, so tying your monthly check-in to something exciting can help.
  2. Set a time limit: Don’t let your monthly check-ins drag on for too long. Talking money can be mentally draining, so try limiting your check-ins between 30 and 60 minutes.
  3. Avoid placing blame: For example, if your partner went over budget last month, don’t berate them. Instead, discuss how you can plan better next month.

Being smart with money is hard enough on its own. Don’t make it harder by adding relationship stress to the mix.

If one of your next financial discussions involves which joint account you should park your short-term cash at, consider opening a  joint Cash Reserve account.

Start saving for your future together with a cash account that features a variable rate up to 0.75%*, no monthly transaction limits, and FDIC insurance up to $2 million once deposited at our program banks†. It doesn’t get better than this.