Want to have better money conversations this year?
Money coach Karen Eley gives you the tools to start having better conversations about money and goals with your partner in 2024.
What are some of the big money conversations that the new year brings up for people?
What are some of the biggest challenges your clients have been facing in the past year & how have they been able to overcome them?
One of the biggest challenges many people face regarding relationships is…money. Research shows that money is one of the most persistent and ultimately destructive types of conflict in relationships.
- Reasons for conflict include: financial stress, spending behaviours, organisation of finances (how are funds shared and decisions made), dis(similar) values
Karen’s 7 ways to start a money conversation
- Ask for a conversation and give notice – hey, I’d like to chat about our cash flow/ debt situation/ super/ insurances or overall finances. When would be a good time?
- Express your intentions: Start the conversation by sharing the reasons for wanting to discuss money, emphasizing that it’s about… ie. building a secure future, enjoying life, and making the most of the opportunities.
- Discuss shared goals: Ask about and highlight the common financial goals you both have. Whether it’s buying a home, saving for a vacation, or planning for retirement, emphasising shared objectives helps align your financial priorities.
- What are your (partner’s) greatest financial fears? Then, how can we look for other possibilities rather than focusing on the FEAR (False Evidence Appearing Real)
- If you won $10M, what would you do with the money? The purpose of this question is to drill down to find out what is most important to them (if money weren’t an issue)
- Who in our life can you think of who manages money really well? What about them do you admire? Then, who do we know in our life that we think is really bad with money? What are the reasons we think this way?
- Where do you see us financially in 10 years’ time? Taking a long-term view of money is important. We often put too much emphasis and focus on short-term money management.
