7 Ways to Develop Financial Trust in Your Relationship
If you find that you're constantly fighting about money or hiding how you spend money from your partner, it may be time to rethink your relationship goals and values. Fighting about money can create tension in a relationship and make it challenging to accomplish future goals. When one spouse gets frustrated with the other, it can seem like you're on an island all on your own, trying to resolve a difficult situation. How can couples develop and build financial trust in their relationship?
From creating a long-term goal to paying bills on time, here are several tips for developing financial trust in your relationship.
Developing Financial Trust in Your Relationship
Share a Joint Credit Card
Opening a joint credit card is a great way to build and develop financial trust. Being transparent and on the same page when it comes to handling money is a crucial aspect in any relationship.
This allows couples to develop a line of credit that'll benefit future investments if both parties maintain a good credit score. It also helps couples define their combined budget, savings, and expenses more than having completely separate finances.
- Gigi Ji, Head of Brand and Business Development, KOKOLU
Establish Clear Boundaries
Couples can develop and build financial trust in their relationship by establishing clear boundaries. In other words, couples need to define what's theirs and what's not clearly. This can help them avoid unnecessary conflicts and misunderstandings and prevent any nasty surprises when one partner wants to spend money on something they've already agreed not to do.
It's also important for couples to address any financial disagreements as soon as possible so they don't fester and become bigger problems later on. When couples ignore their financial disagreements, it can lead to resentment and even result in divorce. Therefore, I believe couples who can talk about their money issues openly and honestly are much more likely to find a solution that works for both parties.
- Tiffany Homan, COO, Texas Divorce Laws
Have Regular, Transparent, and Productive Discussions
One way for couples to develop financial trust in their relationship is to have open and honest conversations about finances. This includes discussing each person's income, debts, expenses, savings goals, and any other financial matters that could affect the relationship. It's important for couples to be transparent with each other about their finances and to come up with a plan that works for both of them.
This could include setting a budget, discussing how to save money, and creating an emergency fund. Having these discussions can help couples build trust in each other and their financial decisions, as well as provide peace of mind knowing that both partners are on the same page.
- Michael Alexis, CEO, Tiny Campfire
Be Open and Honest About Financial Situations
In marriage, finances are an important issue. One way for couples to build financial trust is by being open and honest about each of their financial situations. Couples should communicate with each other about their income, debts, and investments. They should also agree on a budget that works for both parties. This will ensure they're each aware of how much money is coming in and where it's going.
- Jennie Miller, Co-Founder, Midss
Time + Planning = Trusting Financial Relationship
Time must pass for a couple to really develop trust in a relationship, so understanding that you must go through a process as a couple is important. Cohesiveness and trust will not be founded in a few days but instead built up over a long period of time. The couple needs to set boundaries and goals for each other that both can agree on and understand.
Once both abide by these rules and do so consistently over a period of time, trust will build up, and a proper system of respect will form. If one side of the relationship regularly makes mistakes or ignores the rules, then it'll be tougher to build that trust and understanding. But if both people can follow the guidelines agreed upon, it'll be much easier to form a successful partnership.
- Shaun Connell, CEO, Credit Building Tips
Pay Bills on Time
If you want to build financial trust in your relationship by improving you and your partner's credit score, then you should track your spending habits as a couple and tackle your credit together. Paying bills on time determines 35% of your credit score. Create reminders for upcoming dates to settle bills without delay. You can also activate autopay for bills. Let you and your partner collaborate in settling bills to improve your financial trust.
- Yongming Song, CEO, Live Poll
Discuss Finances Before Marriage
Discussing finances with your partner before marriage can help ensure that you don't enter into a financially doomed marriage. Couples who talk about finances pre-marriage can ensure that they understand each other's financial history, including their current debts, savings goals, or past and present financial struggles. Uncovering these three things can help the couple determine a path forward in managing their finances and how their situation will impact them in the future. Establishing financial boundaries, setting goals together, and determining how finances will be divided or managed jointly can help build trust as a couple enters into a lifelong relationship.
- Annette Harris, Founder, Harris Financial Coaching