5 Rules For An Effective Conversation About Money
In any game there are rules of play.
In the relationship game there are 5 simple rules to have an effective conversation about money (or any highly charged and emotional subject).
- Set aside time for the discussion – without interruption
- Keep emotional baggage out of the conversation
- Take the time to listen to and understand your partners point of view
- Keep the end goal in mind
- Conclude with a clear plan for action
If you can keep to these rules – congratulations – you have won the coveted prize of Couple of the Year (last won by the wonderful couple in matching jumpers below).
Despite my husband and I having over two decades of finance experience between us and significantly more knowledge on investment than the average wealth manager, we went to see an adviser. Why?
- We had a clear appointment in our diary where we would discuss the subject for over an hour – no kids or mobile phones
- A professional office was no place to bring up emotional issues such as the mortgage boots or obsolete technology cupboard
- With a well-designed set of questions, we were each given a chance to air our objectives and concerns
- We explored different strategies to achieve our goals and the strengths and weaknesses of each
- We came out with a well written plan which we had both agreed to and could refer to if things went off course
- We had someone else to muddle through the paperwork and in a set time
Disagreement about money is one of the most common causes of divorce. Getting a clear financial plan can put you on track to achieve a common goal and work towards your future together.
It is about time that you stopped the arguments. Get in touch with an independent wealth manager to help you put a financial plan in place.
Have you been having difficulty discussing your finances with your partner?