Communicating With Your Partner About Money with Garrett & Joy
This episode of Financially Naked: Stories from The Financial Gym is hosted by Joy Liu and Garrett Faulconer, two Certified Financial Trainers at The Financial Gym. This month's theme on the show is managing finances in relationships, and today we’re talking about money dates. At The Gym, we encourage folks to have money dates with themselves and couples to have them together. It’s a great way to stay on track with your finances and life goals.
Podcast Notes
What is a money date?
It’s a scheduled time to come together to talk about your finances. It’s a time to talk about your goals and progress and get honest about how you feel about your money. It’s a time to make adjustments and get realigned as a couple.
Some folks use their Quarterly Review with their Trainer as their regularly scheduled money date.
Combining finances as a couple presents its unique challenges for each couple. You’re taking separate individuals who have figured out how to make money work on their own and meshing them together. It’s a process to find what works for you as a couple. This process takes time, effort, and a little wine.
If you’ve never had a money date or done financial planning as a unit, the first money date should not be about money. Focus on the shared vision of what you want your life to look like. Make it an exciting, future-focused conversation.
Money is one of the top stressors in relationships and often one of the reasons people cite for it not working out. That’s why having money dates and open conversations is so important. They help ensure you’re staying on track together.
Tips for making money dates less stressful or even fun!
Put a recurring event on the calendar. Making them a regularly scheduled event helps take the angst out of the process.
Attach money dates to an event or routine you both enjoy, like buying a special bottle of wine or ordering your favorite takeout. If you enjoy the process, you will likely stick with it.
Use it as a time to game-plan logistics: like meal planning for the week or scheduling travel.
Be open and honest about your feelings with yourself and your partner. They don’t know how you feel unless you tell them.
These conversations can get tense. Give yourself permission to take a break if you’re hyped up.
There is no one-size-fits-all system for everyone. It’s about working as a team and finding what works for you. Leverage each other’s strengths, have open and honest conversations and make it fun.
If money is a challenge in your relationship, a third party like a Certified Financial Trainer can be a fantastic tool. Learn more about our 1-1 Accountability Program.
If you have any thoughts to share or questions, leave a comment or send an email to trainerpodcast@fingyms.com
Additional Resources: Former Financially Naked Guest River Nice of Be Intentional Financial LLC has a budget free budget template for triads. Check it out here!