The COVID-19 pandemic showed us all just how suddenly things can change. Overnight, millions of people had to rethink their financial situation and seek out either new employment or support from the government. Despite this, 9 in every 10 adults don’t find it easy to talk about money and millions of us don’t want to discuss it at all1.

With Talk Money Week on the horizon (9-12th November), the week is all about getting the nation more comfortable with talking about money. Local Financial Advice, a company that helps people connect with FCA-regulated advisors, shares their tips on talking to your partner about money.

5 top tips on how to talk to your partner about money

Talking about money with your partner shouldn’t be difficult but many people struggle, no matter how long they’ve been with their significant money. Here are five tips to help you establish a healthy habit when discussing finances with your partner:

Establish trust and remove judgement

Discussing money with your partner can be difficult depending on both of your circumstances. Unfortunately, many relationships can turn sour when one partner earns more or disagrees with the other person’s spending habits.

That’s why the bedrock of all happy relationships is trust and open communication. The very same applies to your finances. Both of you need to create an environment where the other person can talk about earning, spending and financial goals without judgement from the other.

Agree on goals together

People bring different tastes and attitudes to a relationship. While you may share life’s important goals with your partner, your ideas of what those goals look like in reality can be different. Sure, you both want to buy a house together, but does that mean having two bedrooms or four? Does it mean living close to a city or out in the sticks?

Talk about your goals together, but be specific about what they mean to you. Some people want an extravagant wedding and others will settle for a trip to the registry office. Only once you both agree on the size, scale and importance of your goals can you start budgeting for them.

Decide if a joint account will work for you

You earn your own money so you should be able to spend it how you want, right? In theory, yes, but when your partner has this attitude as well, you’ll quickly find nobody is saving for the milestones you want to achieve. Setting your goals is an important step, but neither of you will reach them if you approach money with an individual mindset. That’s where having a joint account can help.

Consider agreeing to a set amount of money both of you contribute into the account. This creates a pot of shared money towards your goals without either of you giving up the independence of ‘doing what you want with your money’.

Be honest about debt

Debt is one of the most serious areas of personal finance and you must discuss it with your partner if it could affect them. Many people shy away from discussing debt with their partners. But, if your relationship is built on trust and openness, you should be able to talk about debts you’re struggling with and work through them together. This is especially true for any credit card, loan or gambling debts you have.

Speak with your partner as soon as possible. It can be tempting to put it off, but this is a case of the sooner, the better. Be as detailed as you can about your debts, their interest rates and your repayment options. Depending on your situation, you may also benefit from speaking with a financial advisor.

Normalise it

When we don’t discuss money regularly, we can become anxious about major decisions. It’s like not driving your car for a year and then having to face the motorway in the rain. You haven’t built up your confidence in a smaller environment, so why would you be comfortable in a larger one?

Don’t wait for big events to discuss money with your partner. Take small opportunities to normalise it and make it an everyday part of your lives together. Brits also have a bad habit of only discussing money when we’re spending (usually too much of) it. Break this habit by checking your savings accounts and mentioning what you’re on track to achieve.

Nigel Borwell co-founder of Local Financial Advice says “Sometimes it can be easier to pretend everything is ok to avoid having tough conversations. However, this will usually make things worse. Instead, use Talk Money Week as the perfect excuse to start having smart conversations about money. We hope that our guide will help you to start getting comfortable about your finances, no matter your age or circumstances.”