Let’s talk money,honey:How to have tricky finance chats

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If you’ve noticed an abundance of chocolates,roses and dewy-eyed lovebirds floating around this week,you won’t be surprised to hear it was Valentine’s Day on Wednesday. It’s the one day of the year you’re legally allowed to profess your love to your significant other and buy them gifts.

It’s also a perfect opportunity for businesses,brands,and finance writers who have absolutely nothing to do with love or relationships to awkwardly try to insert themselves into the narrative. Could you imagine? How embarrassing.

Jokes aside,navigating the financial side of a relationship can be one of the most daunting and awkward conversations to have,right up there with “do you want kids?” and “can we leave the fan on at night?“’. Rarely is it a simple conversation,and it’s further complicated by things such as mortgages,pets,and debt.

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What’s the problem?

A survey from big four bank Westpac this week showed that money was the top cause of stress for Australian couples,with one in five of us saying we rarely discuss finances with our partners. Over 90 per cent of couples say that money issues strain their relationships,picking frivolous purchases as the main argument that arises.

And it’s worth getting right. As Money columnist Victoria Devine wrote last week,staying married or de facto is one of the best ways to generate wealth and save money,with separations being financially debilitating – especially for women.

What you can do about it

Here are some tips on how to navigate the financial side of a relationship,and how to have some of those tough chats with your partner:

Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.