Why Discussing Money with Your Spouse is Important?

Money is a sensitive topic. And one which couples skirt around at most times. Couples who tend to avoid discussing it often end up in a rift later on. Some feel under-appreciated when they are not involved in a major financial decision. Some lose connection with their partners. Why end up in such a situation? As marriage is a union of two souls, don’t leave one of the most important issues out of it. Talk about money with your partner. Share your views. Show your disagreements. Thrash out your approaches, It’s only then can we make it work in the long run. And here’s why it is important to open-up about money with your partner:

If not number 1, money is the among the top 3 issues couple fight over

Money is the root cause of many problems. And married couples are not spared from this curse. I understood this issue clearly after my marriage. Couples fight over money. They disagree on each other’s spending habits, savings and sometimes investments. They even hide certain details, especially when it comes to spending on their families. So after we say ‘I do,’ we must spend some time to discuss our finances. Open up with your partner. Don’t leave any detail. Bring everything to the table – income, expenditure, pending loans, liabilities, and something as trivial as loaning 1000 Rupees to an old friend. Disagreements are bound to happen but talking about money brings transparency to the relationship and sets expectations. With time, couples understand each other. They fight less, at least on issues related to money.

You are building a future together

In any long-term association, honesty is the key. Honesty comes with sharing. So share. Share and discuss money with your spouse. Saving for retirement, children’s education, their marriage takes years of planning and execution. It’s prudent to start this discussion early. Talk to your partner about your future. Work on every single detail. Unless we do that, we won’t be able to give shape to our long-term plans.

Every wrong decision reflects on the family, not on one individual

Marriage is not about two people only. The decision we take as a couple is reflected on our family. We have to think as a unit, not as an individual. One wrong step and the entire family pays the price. I hear many cases where the head of the family makes an investment decision without consulting their spouse, and the family loses the money they ought to spend on their children. Some even lose their lifelong savings. Some land in a financial mess. Involving your partner would bring more wisdom and clarity to access the financial situation. Discussing money with your spouse would reduce the chance of a mistake. And if something does go wrong, your partner would share the responsibility. There won’t be any blame game. Someone would be there to understand the situation and provide a solution. You don’t have to look for support elsewhere. Your partner would be there for better or worse, as they say.

Harness the wisdom of two – divide the tasks and manage better

Everyone has their own area of expertise. I’m good at saving money. My husband is good at investing it. So we have divided our tasks. I have the final say in what we should buy – identify the areas where we can save. He gets to choose where we invest. This way we harness the wisdom of two. We make fewer mistakes. Neither of us feels overwhelmed with financial responsibility. We divide our day-to-day tasks too. Dividing money related tasks makes marital life smooth. There are fewer hurdles. We manage better. Thus, we enjoy every aspect of life.

I know, it’s not an easy road to tread. Some avoid it for fear of argument or fight. But we can’t avoid it indefinitely. If you don’t agree today, you won’t agree five years down the lane. Talk, and talk now.

What are your thoughts on this topic? How do you work around a messy situation with your partner? Please share in comments below.