Picture this: you just met someone and they’re everything you’ve ever wanted in a partner. They’re kind, considerate, attractive, and tick off all of your boxes! Fast-forward a year into the relationship, you’ve made the move to start living together, and things are getting serious. But you start to notice that something’s not quite right… Your partner’s spending habits are out of control and you have no idea how to broach the subject. But one thing’s for sure: you need to have The Money Talk. But don’t worry — below, you’ll find helpful tips on how to talk to your partner about their spending habits. 

Be Empathetic

One of the best ways to go about talking to your partner about their spending habits is to be empathetic. After all, no one wants to feel like they’re being judged, especially not by their partner. Approach them from the perspective of wanting what’s best for them and your relationship. Explain to them that you want to build the best possible future with them, and that you could both benefit from budgeting money together. 

Explain Why You’re Concerned

As great as it is to be empathetic and to tread carefully, you still need to express why you’re worried. If your partner is spending the money you share together without having conversations with you about it first, then you need to express your concerns for both of your sakes. If they did this without realizing the harm in it, or they took your joint card by mistake, confronting them about it will give you the chance to clear the air. It’s never healthy to bottle things up, because that just may lead to resentment down the line. 

Create a Budget Together

If your partner has trouble keeping their spending habits under control, then let them know that you’re both in this together, and propose creating a budget together. Not only will this help your joint financial situation, but you might find it a good bonding exercise. The more you work through an issue together, the closer you will become. So how should you go about creating a budget for two? Simple! Just do was you regularly would, but instead of counting one income, calculate two. 

The most important thing is that you both communicate what your goals are. In order to create a budget successfully, it’s essential that you both be on the same page about how much you money intend to set aside as well as what you intend to set money aside for. After you’ve finished creating your shared budget, keep track of your expenses, communicate, and revisit your budget if necessary. The takeaway is to always be transparent. After all, transparency is the key to financial intimacy and trust.

Get Help

If you’ve done all of the above, but find yourselves in a precarious financial situation, don’t hesitate to reach out for help with a licensed insolvency trustee. Your LIT will help you find the perfect solution to your financial situation by analyzing all of your expenses, debts, and income. Of course, you and your partner are in this together, so you should show up together! Before you know it, you’ll be out of your financial rut and able to start a brand new, stress-free life together.