The institution of marriage and family structures have evolved significantly over the generations. We see more and more working couples than ever before, with women contributing an increasingly larger share of average household incomes. When it comes to financial management, both should be actively involved in steering the family's finances.
However, many couples unknowingly put-off having the “money talk” – a critical piece of the family’s well-being. Open communication, across all issues, is one of the fundamentals of a strong union. Yet having a candid conversation about the family’s present and future financial concerns is something many couples are struggling.
Starting the conversation the right way
Approaching the subject of money is always tricky, even for compatible couples. Some of us find it hard to ask our partners to chip in for dinner/groceries/gifts – let alone start a conversation on debt and savings.
So how to begin this difficult, but necessary, conversation?
- Timing is everything: Topics as heavy as the “money talk” shouldn’t be rushed or forced. Choose a time when you’re both relaxed and free of other chores – during the weekend or after a satisfying meal, perhaps?
- Start small: If this is your first conversation, don’t jump in to the deep end and discuss debt or income.Talk instead about upcoming plans and compare budgeting style/spending habits
- Seek advice: Asking outright about his/her EPF savings or credit card debt can make things awkward. Instead, seek financial advice (Eg: “I’m torn between saving or paying off my credit card debt this month. What would you suggest?”). This way, you get to learn about your partner’s financial habits and their opinion on money matters.
Once you are both comfortable talking about money and finances, you can use these three tips to help you and your partner chart the way forward.
