5 Conversations That Young Couples Should Have About Money

Updated: July 1, 2024

In a 2018 study (1), researchers discovered that 67% of songs in the U.S. Billboard Top 40 from 1960-2010 were about love. Furthermore, it also published that only 9% of the songs had themes about money or wealth.

Indeed, we’re fond of listening and singing to the bliss of being in a relationship and the heartbreaks that often comes with it. But money? That’s something we just put in the backseat of our playlist.

However, regarding romantic relationships, another study (2) shows that regular conversations about money are essential to a couple’s happily-ever-after. And those that put financial topics in the backseat are more likely to argue about money and experience marital stress and unhappiness.

But what exactly should couples talk about? Here are five conversation topics that need your time and understanding.

1. What are our financial goals?

The easiest and most enjoyable financial discussion you’ll have with your spouse is about your goals. This doesn’t have to be a conversation with detailed timelines and budgets. It should be more focused on aligning your priorities and dreams for the future.

When imagining your future, it’s essential to mention and incorporate individual plans, such as if you’re planning to return to school or entertaining the idea of a future career shift.

2. How good are we at money management?

Relationships work when there’s honest communication between partners. This means comfortably sharing who and how we are when it comes to personal finance.

Be open about your income and, most significantly, the debts you owe. If you have bad spending habits or are poor at following a budget, then have the courage to admit those. More importantly, be supportive of each other and work together to find how you can each improve at handling money.

3. What’s our financial setup?

Talk about how you’ll handle your income. Do you keep your cash in joint or separate accounts? Who’s responsible for paying the utility bills? Buying the groceries? How do we navigate our finances and careers when we start having kids? There’s no best setup, so find which works best for you.

Moreover, if there’s only one income earner, never make your partner feel inferior by dictating all the financial decisions. Be a team and create your monthly budget and work out your spending priorities together as a couple.

4. What’s our stand on giving financial aid?

Parents with debt problems, siblings who often borrow money, a nephew or niece who needs financial support for their education – these could be your in-laws. Ask your partner who they are and introduce yours to them.

Together, talk about and decide how your relationship will handle these financial matters when they come knocking on your door.

5. Who can we talk to about our finances?

It’s always helpful to talk to a professional about your finances. It’s very much like how most families have their own doctor or lawyer; having a trusted financial advisor by your side is essential in getting proper advice on money and building wealth.

A financial adviser can help protect your family against life’s uncertainties, especially in securing your child’s education. And they can provide expert guidance on preparing for a comfortable retirement.

Other Insights

  • Studies show that regular conversations about money are essential to a couple’s happily-ever-after. It helps avoid unnecessary arguments that only bring marital stress and unhappiness.
  • Relationships work when there’s honest communication between partners. This means comfortably sharing who and how we are when it comes to budgeting and spending.
  • If there’s only one income earner in a relationship, the breadwinner should never make your partner feel inferior by dictating all the financial decisions. Be a team and create your monthly budget and work out your spending priorities together as a couple.
  • Parents with debt problems, siblings who often borrow money, a nephew or niece who needs financial support for their education – these could be your in-laws. Ask your partner who they are and introduce yours to them. Together, talk about and decide how your relationship will handle these financial matters when they come knocking on your door.

Navigating through these money conversations will definitely help couples strengthen their relationship. Remember to be honest, to be open, and to be constructive in your words. And aside from communication, mutual respect and the willingness to work things out together is very important in ensuring that money issues will never strain your relationship.

Works Cited:

  • (1) Christenson, Peter G., et al. “What Has America Been Singing about? Trends in Themes in the U.S. Top-40 Songs: 1960–2010.” Psychology of Music, vol. 47, no. 2, Mar. 2019, pp. 194–212
  • (2) Archuleta, Kristy L., et al. “Financial Satisfaction and Financial Stressors in Marital Satisfaction.” Psychological Reports, vol. 108, no. 2, Apr. 2011, pp. 563–576

This post is part of the On Money, Friends, and Family article collection.

What to do next: Click here to start your financial journey with IMG Wealth Academy

Leave a Reply

Your email address will not be published. Required fields are marked *