Don't see finances as a taboo

What's important in a relationship? Open communication. Every couple has to open up about finances sooner or later. And here's the thing – the sooner, the better. This will prevent future conflicts, arguments and misunderstandings.

There are no taboo topics in a healthy relationship. Be honest with each other and share your views openly. It's important for partners to know each other's financial situation. If you're planning a future together, you should know the answers to these questions:

Is your partner paying off a mortgage, lease or loan? What are their other financial obligations? Does they pay alimony? Or perhaps they financially support their parents? Does they save or can't save? Does they have any savings for bad times? How do they imagine managing their finances together?

Be honest even in a situation you're not exactly proud of – are you in debt, are you insolvent or are you facing foreclosure? The truth will come out sooner or later anyway. If you lie about your finances and your partner later finds out the truth, they may perceive it as a betrayal.

You can bring up the topic on the first date

You can broach the topic of finances on the first date or, for example, on speed dating.

TIP: How does speed dating work?

You can try one of these questions

What would you do if you won 100 thousand? Would you invest it, put it aside for worse times, or spend it? What was your best investment in life - whether financial or otherwise? What would you never skimp on?

Finances are an important part of life values, so it is important to find out if you are on the same page in this area. However, the conversation should not seem like an interrogation and you should not ask too personal questions right from the beginning - How much do you earn per month? How much money do you have in your account? You could give the impression that your relationship is only about money.

Agree on how you will manage your finances

You should bring up the topic of finances and joint management at the latest when you are planning to live together. Talk about how you will share regular, as well as one-off or unexpected expenses. Who will pay the rent? Who will pay for shopping and who will pay for the collection? And what if the washing machine or car breaks down – who will pay for the repair?

Many couples make the mistake of not setting rules for managing their household in the beginning. Problems then arise when one partner feels that the other is contributing little to joint expenses. Open communication is therefore essential. Also clarify your approach to spending and creating financial reserves.

If one partner is frugal and the other spends disproportionately, unnecessary tension can arise in the relationship. It is necessary to find a common compromise and financial balance. If you have different approaches to finances, try writing down the pros and cons on paper - present your arguments to your partner and look for a solution that will suit both of you.

What are the most common household financial models?

• Everyone pays half: This arrangement can work if both earn similar amounts.
• Income-sharing: If one earns less, they can contribute a smaller amount.
• Joint household bank account: Each person contributes an agreed-upon amount to the household to cover rent, food, etc. At the same time, partners also keep their own personal bank accounts.
• Joint account: This works for couples who trust each other and have similar approaches to finances.

If you're in a relationship without a shared home, you're probably paying for household expenses on your own. Even then, it's important to talk about money – Who will pay for joint trips, restaurant bills, or vacations? Will you take turns or pay half? You don't have to keep track of who pays what, but you should both feel that paying for shared expenses is balanced.

A prenuptial agreement protects both partners’ assets

If your relationship is headed toward marriage, you may want to consider a prenuptial agreement. It helps protect both partners’ assets in the event of a divorce, but it also clearly outlines how joint finances will be handled during the marriage.

Speak openly but respectfully

Avoid verbal attacks and accusations in your communication. Be careful not to make your questions sound like an interrogation. Instead of “You keep spending on unnecessary things!” try “I think we could sit down and look at the budget so we’re both clear about where the money is going.”

Try to use “I” statements and talk about your concerns and feelings: “I’m worried that we won’t have enough savings to cover unexpected household expenses. I think it would help our budget if we put more money aside each month. How do you feel about that?”

Partners should work as a team and make decisions about important things, such as finances, together.

The financial situation is not the same throughout life, on the contrary, it is constantly evolving. Many variables can come into play, such as being fired from a job, getting a promotion and the associated increase in income, the birth of children, illness, etc. Therefore, it is necessary to talk about finances regularly. If one of the partners loses their job, goes on maternity leave, or decides to start studying or starting a business, the financial plan or the original agreement needs to be reevaluated.

Regularly reviewing the financial agreement will help prevent misunderstandings and tension that can arise if the financial situation of one of the partners changes and the other is not prepared for it.