A Money Date Is For Everyone!
Having a money date is crucial to you and your partner’s relationship! According to this article, nearly half of couples argue about money. Half! This could be for a variety of reasons – embarrassment, avoidance, ignorance, etc. I get it. It’s not a sexy topic to discuss. However, I would argue that it’s essential to have this talk with your partner at least once a month.
I also want to stress that you don’t need a partner to have a money date. Have some nice wine (or whatever your drink of choice is) and have a money date with yourself – at least once a month.
What Is a Money Date?
A money date is time reserved to talking with your partner about money. Sounds simple, right? Easier said than done. You really need to open up with your partner. Reveal your thoughts, habits, and feelings about money. Share your financial history with your partner. Create shared goals with your partner. How do you want your financial future to look?
Having the Money Date
It’s best to go into money dates prepared. Write down topics you want to discuss. Bring your notepad and have your partner prepare in the same way. Agree with your partner on a set time and place (a nice quiet and neutral place!) to have the money date and also how long it will last. You both want to be alert and at your best.
Five topic ideas to get you started:
- Income. This is all the money coming in. Look at recent pay stubs. Do you have side income? Child support or alimony? Investment income? Real estate income? Write down all the money coming in.
- Debts. Yes, you have to face them. Make a list of credit card debts, all loans, and anything you may have with a lender. Money dates are a time of honesty and transparency.
- Financial goals. Dream big! How do you want your financial future to look? Where do you see yourself financially in 5 years? 10 years? 30 years? Longer? How do you want your retirement to look?
- Any immediate needs that need to be met. Are you moving soon? Changing jobs? Unexpected expenses that just came up? These will need to be shared with your partner.
- Any additional topics that you want to cover. For example, have you agreed on how expenses will be split? Are there areas where you think you can save money? Are there areas where you can invest more?
When you have regular money dates, both people stay involved and knowledgable about the household finances. It can bring you closer together and improve your financial communication.
Your first money date may seem awkward, but keep doing them! It will become more comfortable. Yes, it’s work. But, like all relationships, the good ones are good ones because the work was put in.
