Almost everyone resolves to get in shape when a new year comes around, but your financial fitness is just as important. There’s no better time for talking finances with your partner — spouse, family member, boyfriend, girlfriend, or even your live-in canine therapist — about it than now. So here are 10 tips to help your discussion:
- Set a Time
It’s easy to put off these conversations, so mark your calendar and make it a priority. You can also pair it with something fun, like a dinner date. Use our free ABC Deals program to get some cash back for your purchase. - Lose the Distractions
Put away your smartphone, turn off the TV, and sit facing each other. - Come Prepared
Plan ahead and consider productive topics. You can even create a spreadsheet or draw a diagram. - Use Effective Communication
Reflective dialogue — acknowledging the other person’s feelings, displaying sensitivity, asking questions, and listening carefully to answers — is essential. - Talk About the Personal Meaning of Money
It’s important to understand what money means to your partner and how it reflects your own philosophy. Talk about saving, spending, and the importance of good credit. - Set a Realistic Budget
Look at your earnings and expenditures, then create a budget that works for both of you. You can use America First’s Money Manager to accomplish this task. - Focus on Goals, Not Bills
Talking about individual and shared financial goals, rather than bills, will get you both on the same page. - Don’t Keep Secrets
Being open and honest about your finances will lead to success. - Take a Break
Discussing money can be tense and, if things start getting argumentative, take a breather and come back when you’re ready. - Involve the Experts
America First Credit Union offers free recourses like financial counseling. If things become too overwhelming and you need an expert to guide you through your finances, we’re here to help.
At America First, we provide resources such as free online planning and budgeting programs, investment advisors, and free financial counseling. Take advantage of the assistance that’s available to you. And have a happy (financially fit) new year!
