--- title: "Mastering the \"money talk\" as a couple" date: 2024-12-13T14:58:00-05:00 author: Braden Burritt canonical_url: "https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-mastering-the-money-talk-as-a-couple" section: Articles --- [ Back to the hub ](https://grantthorntonlimited.ca/en/debt-help-resources/articles) # Mastering the "money talk" as a couple Braden Burritt CIRP, Licensed Insolvency Trustee ![A man and woman hugging and smiling outside surrounded by trees](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleHero/14800/Money-Talk-Square.webp) Braden Burritt CIRP, Licensed Insolvency Trustee ## **When to talk about your finances** According to our recent survey, [98% of Canadians believe financial stability is key to a successful relationship](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-dating-and-debt-love-in-a-cost-of-living-crisis). But, achieving this stability means building financial intimacy, so where and when do you start? It’s never “too early” to talk finances with a potential partner. Fifty five percent of Canadians discuss finances before moving in together, and 35% before becoming “official” or exclusive. Having this discussion early can help you spot any financial red flags or deal breakers that could affect your long-term financial compatibility. The "money talk" starts by being open and honest with your partner. Even if it's stressful, this is ultimately a positive conversation about your future together. Make sure you’re both prepared to approach the situation with a non-judgmental and supportive mindset. ## **What questions to ask** Preparing for your talk can be overwhelming. Between account balances, debt, investments, living costs, and [credit reports](https://grantthorntonlimited.ca/en/debt-help-resources/articles/how-to-read-your-credit-report), it can feel like a never-ending conversation. It's best to start with a few open-ended questions that can lead to a more in-depth discussion. Here are four questions we recommend starting with: - **What’s your spending personality?** Our [mindset around money](https://grantthorntonlimited.ca/en/debt-help-resources/articles/avoid-overspending-with-this-simple-mindset-shift) is influenced by our parents, childhoods, education, and financial literacy. Understanding your spending personality and how it interacts with your partner's is important to managing your finances as a couple. If you have different spending personalities that’s okay. Regardless of financial compatibility, it’s important not to judge or shame one another’s habits. Instead, find ways you can compromise on your budget while still achieving your financial goals. [Find out your spending personality and how it can impact your financial future](https://grantthorntonlimited.ca/en/debt-help-resources/articles/which-spending-personality-are-you) - **What are your financial goals?**** Everyone has financial goals, but you and your partner's may differ. Whether it's paying off debt, saving for a house or retirement, or [planning a vacation together](https://grantthorntonlimited.ca/en/debt-help-resources/articles/the-complete-guide-to-budgeting-for-your-vacation), it's important to be on the same page. Talking about your goals and setting new ones together is an important part of any financial conversation. [Learn how to set SMART financial goals. ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/setting-financial-goals-7-realistic-examples) - **How do you want to handle finances as a couple?** Different couples handle money differently. Your individual spending habits, assets, and debt can influence how you handle money together. Some couples prefer a joint bank account to handle shared expenses, while others divide living expenses between their individual accounts. Some couples might split things 50/50, while others divide expenses based on income or other factors. The only “right way” to handle finances as a couple is what works best for you. Talk with your partner and figure out what method is best for your relationship, financial situations, and goals. - **Do you have any debt?** Debt can be stressful on an individual or relationship. Even if it's difficult, it's important to review all your debt with your partner, from [credit card](https://grantthorntonlimited.ca/en/debt-help-resources/articles/options-for-getting-out-of-credit-card-debt) debt to [student loans](https://grantthorntonlimited.ca/en/debt-help-resources/articles/student-loan-debt-relief) and [lines of credit](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-is-a-student-line-of-credit). Personal debt can impact your ability to build a life together. High debt and difficulty paying it off can [negatively impact your credit score](https://grantthorntonlimited.ca/en/debt-help-resources/articles/what-affects-your-credit-score). This could make it harder to get a mortgage and could mean a higher interest rate and payments. Getting this information out in the open means you can support each other in paying down debt and building a debt-free life together. ## **Keep talking about money** Financial discussions aren’t a “one and done” deal. Make financial check-ins a regular occurrence with one another and use this time to keep discussing financial goals, savings and investments, your budget and debt repayment. By regularly checking in, you and your partner will have a heads up if finances get out of hand. Sometimes it takes an outside perspective to see how overwhelming your debt has become. If you or your partner are struggling with debt, it might be time to speak with a Licensed Insolvency Trustee. An LIT can review your finances and suggest the best debt relief options for your life and finances. [Start your journey to debt freedom by booking your free consultation today.](https://grantthorntonlimited.ca/en/get-in-touch/contact-us) About the Author Braden Burritt CIRP, Licensed Insolvency Trustee ## Latest articles [ ![](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbListSmall/67684/assets-CP-square.webp) ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-your-assets-in-a-consumer-proposal) [What happens to your assets in a consumer proposal? ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-your-assets-in-a-consumer-proposal) [ Read this article ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-your-assets-in-a-consumer-proposal) [ ![](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbListSmall/65155/recreational-vehicle-square.webp) ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-an-rv-boat-or-atv-loan-if-you-file-a-consumer-proposal-or-bankruptcy-in-canada) [### What happens to an RV, boat, or ATV loan if you file a consumer proposal or bankruptcy in Canada? ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-an-rv-boat-or-atv-loan-if-you-file-a-consumer-proposal-or-bankruptcy-in-canada) [ Read this article ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-an-rv-boat-or-atv-loan-if-you-file-a-consumer-proposal-or-bankruptcy-in-canada) [ ![](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbListSmall/63555/influencer-survey.webp) ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-influenced-into-debt-how-social-media-impacts-canadians-finances) [### Influenced into debt: How social media impacts Canadians' finances ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-influenced-into-debt-how-social-media-impacts-canadians-finances) [ Read this article ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-influenced-into-debt-how-social-media-impacts-canadians-finances) ## Subscribe to our newsletter Get tips and tools to help manage your finances and live debt free. \*I agree to receive communications from Doane Grant Thornton. I understand that I can unsubscribe at any time. ## **Take the first step** to debt freedom Speak to one of our debt solutions professionals during a free, no-obligation consultation. [ Book a free consultation ](https://grantthorntonlimited.ca/en/get-in-touch/contact-us) ## Related articles ![](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbMedium/67684/assets-CP-square.webp) ### [What happens to your assets in a consumer proposal? ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-your-assets-in-a-consumer-proposal) In most cases, a consumer proposal allows you to keep all of your assets while bankruptcy may require you to surrender certain non-exempt assets. [ Read this article ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-your-assets-in-a-consumer-proposal) ![Marina filled with sailboats and recreational boats along the Charlottetown waterfront on a sunny day.](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbMedium/65155/recreational-vehicle-square.webp) ### [ What happens to an RV, boat, or ATV loan if you file a consumer proposal or bankruptcy in Canada? ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-an-rv-boat-or-atv-loan-if-you-file-a-consumer-proposal-or-bankruptcy-in-canada) For many Canadians, recreational vehicles offer freedom, adventure, and unforgettable family memories. But if you’ve financed an RV, travel trailer, boat, ATV, snowmobile, or side-by-side, those monthly payments can become difficult to manage if life takes an unexpected turn. [ Read this article ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-an-rv-boat-or-atv-loan-if-you-file-a-consumer-proposal-or-bankruptcy-in-canada) ![A woman in scrubs sitting on a park bench looking at her phone, with imagery of social media likes and spending surrounding her.](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbMedium/63555/influencer-survey.webp) ### [ Influenced into debt: How social media impacts Canadians' finances ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-influenced-into-debt-how-social-media-impacts-canadians-finances) While social media may be free to use, the things it influences us to buy often come at a cost. As influencer marketing continues to grow, more Canadians are making purchases based on what they see online. [ Read this article ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-influenced-into-debt-how-social-media-impacts-canadians-finances) ![A woman sitting with papers and a calculator in front of her](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbMedium/63201/cp-annulment-square.webp) ### [ What happens if you miss a consumer proposal payment? ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-if-you-miss-a-consumer-proposal-payment) Missing a payment during your consumer proposal can feel scary—but it’s not the end of the road. This article explains exactly what happens if you miss a consumer proposal payment, how to avoid annulment, and what to do if your consumer proposal is annulled. [ Read this article ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-if-you-miss-a-consumer-proposal-payment) ![A young woman sits with and supports an older woman holding a cane.](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/Web-image-square/_articleThumbMedium/58677/caregiver-article-square.webp) ### [ Tips to avoid debt as a family caregiver in Canada ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-tips-to-avoid-debt-as-a-family-caregiver-in-canada) With the rising cost of living and long waitlists for long-term care, more Canadians are becoming family caregivers, but it can come with an emotional and financial cost. [ Read this article ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-tips-to-avoid-debt-as-a-family-caregiver-in-canada) ![Person packing a box for moving](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbMedium/57664/adult-child-moving-home-square.webp) ### [ How to budget when your adult child moves back home ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-how-to-budget-when-your-adult-child-moves-back-home) Adult children moving back home isn’t just a trend—it’s quickly becoming the norm. While the cost of living continues to climb across Canada, many Gen Z and millennial Canadians are packing up their apartments and returning to the nest as “boomerang kids.” [ Read this article ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-how-to-budget-when-your-adult-child-moves-back-home) ![Person looking down at bills with head in hand, surrounded by paperwork and an open laptop.](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbMedium/56923/utilities-square.webp) ### [ What happens if you don’t pay your utility bills in Canada? ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-if-you-dont-pay-your-utility-bills-in-canada) If you’re worried about unpaid electricity, heating, or water bills, you’re not alone. But disconnection isn’t immediate, and you usually have options to protect your service while you get back on track. [ Read this article ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-if-you-dont-pay-your-utility-bills-in-canada)