Having the couples money talk
How soon should you have the couples money talk? We know that financial stress can have a negative impact on our relationships, while healthy money conversations can strengthen a couple’s connection—and even lead to better gay sex!
Hear the best ways to discuss couples money:
Talking money with your partner
On this episode of the Queer Money® podcast, we’re sharing the results of our poll in the Queer Money Facebook Group about when in the relationship couples should talk about money, offering our insight on why talking about finances is crucial for couples who cohabitate and what questions it’s okay to ask early on in a new relationship. We walk you through our top 5 money tips for gay couples, explaining why it’s best to have the initial money conversation in public and how to work together on improving your credit scores. Listen in to hear the benefit of opening a joint account for shared expenses, teaming up on your finances and setting mutual money goals as an LGBTQ couple!It’s this time of the year that many of us feel amorous towards each other, but oftentimes money or financial stress can put a strain on those feelings.Click To Tweet
Topics covered on navigating money in your relationship
How financial stress impacts our relationships
- #1 reason why couples fight, #3 cause of divorce
- Couples who talk about money have better sex
The Facebook group poll results
- 82% suggest talking about money before moving in
- 15% say before updating your Facebook status
How we disagree on the best time to talk about money
- John agrees with the majority of poll respondents
- David believes moving in together is too late
Our top five tips for gay couples to thrive financially
1. Have the money conversation (ideally in public)
Talking about money when you’ve never done it before can be risky since there are so many emotions. We suggest starting with talking about hopes and dreams and how you might get there financially. Start this conversation in public, since you’re less likely to allow the conversation to spiral out of control with emotions.
2. Review and clean up your credit report
Achieving bigger money goals often requires your credit to be checked for loans, joint apartment rentals and purchasing a home together. Knowing where each of you stands with your credit scores and history is a great way to have a financial check up on each other. Get the free Improve or Build Your Credit Score guide to get you both moving in the right direction if you need a bit of help in this area.
3. Open a joint bank account for shared expenses
A joint bank account to use for shared expenses, even if this is just dining out and entertainment, is a perfect step to start to talk about where and how you want to spend. It can get you on the path to having a regular budget meeting that leads to spending and savings that aligns with your goals.
4. Connect your joint account to the Honeyfi app
The HoneyFi App was designed to help couples slowly share their personal financial information in a way that isn’t intrusive or scary.
5. Set one to three mutual money goals
As the saying goes, “if we fail to plan, we’re planning ot fail.” I’m sure you don’t want to be a financial failure as a couple, so you? Setting a couple of goals give you both something to strive towards and champion, bringing you closer together as a couple.