Handling Money In Your Business Relationship
In this episode, a topic that affects not just your creative career but also your personal life. Yep, we're talking money and relationships!
Money Management Tips for Couples
Talking about finances can be a minefield for many couples, often leading to tension and arguments. It's actually one of the biggest reasons for separations, but it doesn't have to be that way.
Through this episode, my goal is to give you the confidence to face your financial life together, making sure that when times are tough, finances won't add extra stress.
You're going to learn how budgeting is empowering, why honesty in money matters is crucial, and how empathy can transform your financial discussions.
Mentioned in this episode:
Training
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Transcript
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Speaker:Passion to Profit, the podcast that's dedicated to
Speaker:empowering artists and creatives like you with a financial and
Speaker:business know how needed to thrive. I'm your host Mahmood,
Speaker:and today I'm going to be tackling a topic that affects not only
Speaker:just your creative career, but also your personal life,
Speaker:money and relationships.
Speaker:You share your life with your partner, but how often do you share the
Speaker:truth about money? Be honest. How often is that now? For
Speaker:many couples, talking about money is tough. It's not an easy
Speaker:topic to raise, but it can cause tension, arguments, and in
Speaker:some cases, even separation. It's the single biggest
Speaker:reason why couples separate. But it doesn't have
Speaker:to be that way. Now, I'm no couples counsellor, but I want to
Speaker:help you and your partner get on the same page financially. Now, my
Speaker:goal is quite simple. It's to give you the confidence to manage your financial
Speaker:life together. When times are good, you're going to enjoy it. But
Speaker:when things get tough, your finances shouldn't be adding to the
Speaker:stress. Now, by the end of this episode, I'm hoping you're going to be
Speaker:improving your money mindset. Feeling more confident? Talk about money with your
Speaker:partner. Understand why Budgeting yes, budgeting
Speaker:is empowering and not restrictive. And
Speaker:also for you to be comfortable with money in your
Speaker:relationship. Now let me dive in and share four
Speaker:practical tips that will help strengthen your relationship
Speaker:and give you that financial peace of mind. Tip number one
Speaker:Discuss those money monsters you have now. Honesty here
Speaker:is key. Before you move in together, get married.
Speaker:Combine finances. Talk openly about your money
Speaker:history. Maybe it doesn't seem like a natural conversation to start with,
Speaker:but this means your debts, your savings, your investments,
Speaker:everything. If you're going to have a life together, it's important that
Speaker:you understand each other's background. Maybe you've got a credit card balance
Speaker:from a few years ago, a loan from a family member that's still yet
Speaker:to be paid. Now is the time to talk. Just like doing a house
Speaker:share with somebody very close, you need to make sure that
Speaker:those money monsters that you may have or your partner have are
Speaker:shared. I know it's going to feel awkward, but being up front is
Speaker:going to avoid nasty surprises down the track. It helps build
Speaker:trust and it helps you work together collectively as a
Speaker:team. Tip number two Practice empathy.
Speaker:Now, understanding your partner's attitude to money is crucial. We
Speaker:never see the world through the same lenses. Perhaps they grew up in a
Speaker:household where money was tight, or maybe spending was a much
Speaker:more relaxed affair. These experiences will help shape
Speaker:how we view money as adults now, you don't need to agree on
Speaker:everything, but you need to at least understand where each other is coming
Speaker:from. Many arguments about money are not really about money.
Speaker:They're about feelings, fears, values, anxieties.
Speaker:So when you feel frustrated, pause, take a breath, and
Speaker:try and see things from their perspective. Let's say you want
Speaker:to buy new art supplies. That's what you love doing. But your partner worries
Speaker:about savings. Neither of you are wrong. You just see
Speaker:money being used differently and talk it through. But be kind.
Speaker:Tip number three Set shared financial goals.
Speaker:Now life changes. What you wanted five years ago might be
Speaker:completely different now. That's why it's really important to regularly check in with your
Speaker:partner and agree on your collective financial goals. Maybe you're
Speaker:saving for a house, planning a big holiday, or maybe you just want to clear
Speaker:some debt that's building up. Whatever it is, get on the same
Speaker:page maybe once a year, twice a year. Have a relaxed chat
Speaker:over coffee dinner, and make sure those goals are
Speaker:aligned and adjusted if needed. If both of you have got different
Speaker:paths that you're treading, that could be a really
Speaker:frustrating and a challenging journey. Now this is really especially
Speaker:important if one partner earns more or is taking time off
Speaker:work. Clear goals prevent resentment and keeps you
Speaker:both motivated. Tip number four Budgeting.
Speaker:Yep, budgeting is your friend. Now, budgeting often gets a bad
Speaker:rep. People think it's restrictive. But let's be honest, the truth is
Speaker:budgeting gives you freedom. It puts you in control and it
Speaker:reduces your financial stress. It reduces that financial
Speaker:anxiety. Think of it like planning one of your creative projects.
Speaker:You need to know your materials, your timeline, and your costs.
Speaker:A budget is essentially the same. It helps you see where your money is
Speaker:going so you can spend it on what truly matters. They include
Speaker:fun things in your budget. Date nights, new brushes, theater tickets.
Speaker:It's not about cutting everything out. It's about achieving
Speaker:that balance. Now as a hot bonus tip, money secrets
Speaker:don't have them. Hiding big purchases, taking out secret
Speaker:loans can damage trust. And once that trust is gone,
Speaker:it becomes very difficult to repair it. Now, you don't need to share every coffee
Speaker:receipt, but big financial decisions should be taken together.
Speaker:Transparency builds a stronger partnership. Perhaps consider
Speaker:having separate bank accounts for your day to day spend and maybe a
Speaker:collective account when it comes together. Now as another bonus
Speaker:tip. You didn't think I was going to leave you with just one mind the
Speaker:words that you use, how you talk about money
Speaker:matters. Avoid those words like
Speaker:irresponsible or reckless, they can make your partner
Speaker:defensive. Instead, focus on the future. We don't want to
Speaker:be shutting down conversations, we want to be encouraged with them. How can we
Speaker:work together to hit our savings goals? Language
Speaker:shapes how we feel about money and keep it positive.
Speaker:Be firm, but keep it positive and stay kind.
Speaker:Let's recap what's been said. Discuss your money
Speaker:monsters and be honest. Be transparent. Number two Practice
Speaker:empathy. Understand each other. You may not agree with your
Speaker:partner's behavior and attitude, but try and understand
Speaker:it. Number three Set shared goals and align your
Speaker:future. Number four Budgeting promise you is your
Speaker:friend. It gives you freedom, not restriction. Number
Speaker:five no money secrets. It helps build
Speaker:trust. And number six Mind the words you use. Stay
Speaker:positive. Stay firm. That money doesn't have to cause stress.
Speaker:With honesty, understanding and planning, it can strengthen
Speaker:your relationship. Now, if this episode has helped you, then I'd love it if you
Speaker:could subscribe to From Passion to Profit and share it with your creative friends
Speaker:and partners. And most importantly, join our Numbers Know
Speaker:How Community. It's a free, dedicated space for artists and
Speaker:creatives helping you gain financial confidence and business skills.
Speaker:Check the link in the notes to join until next time. Keep creating,
Speaker:Keep thriving and build a financially strong future.
