Finances, money, income, taxes, offline and online loans in Canada are all important parts of life, and beginning the second part of life with your significant other comes with several responsibilities. We understand love is the foundation of a relationship.

However, it’s not enough to sustain a relationship. When two people decide to share their lives together, they are also bound by their responsibilities. Sharing ups and downs, workload, and managing finances. They all are crucial factors in sustaining and thriving a relationship.

Often, people feel uneasy talking about money. If you are dating someone and plan to settle with them, having a financial conversation with them early on and relaying your financial expectations are essential for your future.

When checking stats and data for the leading reason for divorces in Canada, money matter tops the chart. This is why financial matters are much more important than any other thing in a marriage. However, opening up about finances can be difficult, especially if you or your partner have pessimistic views on money.

So, to help you and your partner open up about money, we have compiled a list of ideas and ways through which you can talk about money with your significant other without turning it into an awkward conversation.

Tips to talk about money

  1. Start slowly
  • Often people who don’t know how to talk about money ask ridiculous questions that can upset the mood of the conversation.
  • For example, you should never ask how much you earn directly. Human psychology attaches this question directly to their self-worth. As a result, many people are uncomfortable opening up about their income. Therefore, do not start with this question. Instead, you can ask their views on money or how important they think finance is.
  • And as you talk about money, don’t just keep asking. Instead, explain to them how you deal with financial matters and what kind of relationship you have with money. So, start slowly, and as you get comfortable talking about such matters, you can ask more specific questions.
  1. Ask open-ended questions
  • Questions are a great way to know about other people. And if framed appropriately, it can help you get everything out of a person.
  • So, while on a dinner date, ask broad and open-ended questions. For example, do you know about credit, and what ideas do you hold about them?
  • A question like this is neither too personal nor too explanative. Moreover, these are also a great way to open up about their money beliefs and ideologies.
  1. Share your ideas on money

  • Tell your partner about your money beliefs and ideals. Layout your plans and expectations related to money. This will help your partner learn about money and understand your ideals.
  • It is a great way to relay your beliefs on money and share your financial expectations. The more you talk about money, the more comfortable you will get with each other.
  1. Ask about their upbringing
  • The way they view money is the product of their environment. For example, a person brought up in an environment where talking about money is nothing special develops the mentality that having a conversation on money is normal, which later also helps in conversing with them about money easily.
  • However, if a person is brought up in an environment where talking about money is treated as a taboo, that person will grow up avoiding money conversations. So knowing how a person is brought up can help you frame the right questions for them.
  1. Have a clear goal for the conversation
  • People often jump into conversations believing they’ll know what to talk about. Well, unless you are a super extrovert, things don’t always go like that.
  • Having a conversation goal will help you know what exactly you want to get out of that conversation. For example, maybe you want to know what they think about money or how they plan to finance for the future.
  • This is also a great way to skip the small talk because small talks are the least interesting and have grown up as we grow old. Moreover, it will also help your partner gain clarity on what they want.
  1. Create money goals together
  • Creating money goals is super important and a great way to have a secure future together. Love is a great commitment, but it won’t feed you.
  • So, planning financial goals together will help you support and finance a bigger goal. As both of you will be involved in reaching the milestone, staying disciplined with finances will become easier.
  1. Set clear intentions
  • We are no longer living in a world where women are bound to home and men are bound to offices. Many women can work, and men can stay at home to take care of children.
  • So, while discussing finances, confront them about your expectations and what you want from them.
  • Are you okay with them working or want them to stay at home? Whatever it may be, setting clear intentions will help you avoid future disputes.
  1. Combine finances
  • After the marriage, you need to combine your finances, so sorting and planning how you will merge finances and work everything out is an important part of a successful marriage. But unfortunately, having the same level of financial literacy is not possible.
  • So, don’t belittle your spouse if they ever make wrong financial decisions. Instead, help them learn from their mistakes because from now on, you two have to stick together in every up and down in life.
  1. Keep an open mind
  • Finally, keep an open mind while having a conversation related to finances. You cannot expect your partner to be on the same level as you.
  • And just because your partner has low financial intelligence than you doesn’t mean you can enforce your decisions on them.
  • Nevertheless, pay heed to their opinions, and if they make any nonsensical remarks, don’t brush them away. Instead, help them learn why their ideas can be bad for them.

The above-mentioned tips are meant to help you talk openly about your finances with your spouse or partner and have a clear understanding of each other finances, beliefs, and ideas.

So, whether you are looking for a new home or planning to apply for an online loan in Canada, conversing with your partner and making planned decisions in your life will ensure that you and your partner make the right financial decisions in your life.