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Few phrases kill a romantic evening faster than “we need to talk.” And even worse, “we need to talk — about money.”

Most people would rather talk about their weight than their financial situation. Yikes.

But whether you’ve just started dating or you’ve been together for a while, communication about money is important. Research shows a direct correlation between overall relationship happiness and frequency of communication: 78% of couples who talk about money once a week report being very happy.

We don’t really know the hows or the whys, but the research speaks for itself and demonstrates that talking about money is crucial to the health of your relationship. How, then, can you go about it in a way that effectively communicates your goals, boundaries, and feelings around the subject? Here are a few good places to start.

Understand your own relationship with money first

There’s a reason why researchers have spent so much time studying exactly how much money you need to “be happy,” and it’s because money is an emotional topic. If you’ve ever felt that sinking feeling in your stomach after seeing your credit card statement, you’ve already experienced the visceral impact money has on our emotional lives.

It’s important to understand your own relationship with money first. Maybe money was always scarce when you were growing up, so your instinct is to save rather than spend. Or, maybe it was never really an issue, so your spending habits are a little less controlled than your partner’s. But either way, it’s good to be in tune with your own relationship with money before you start to understand someone else’s.

If it’s new, talk about money from the start – make it organic!

Maybe you’re going out on your first date, or you’ve seen this person a couple of times, it’s important to bring up money from the start. If you’re willing to splurge and spend some money to have a good time, make it clear! Say something like “I’d like to invite you to dinner, on me.”

Or let’s say you’ve planned a few dates, explain that for whatever reason (you’re trying to cut down on expenses this month, or you want to invest a little bit more) you were thinking of taking it easy and watching something at home with dinner. 

The important part of this is honesty. Communicate your feelings openly from the beginning, because that’s what’s really going to help get you to understand each other’s side of the story. 

Things are getting… serious?

As you start to learn more about each other, you can also start discovering what good or bad money habits you might have (also a good opportunity to recognise any potential red flags). But understanding each other’s financial weaknesses and strengths means becoming better partners for each other in every aspect of your relationship. You can then start to approach your money goals from a teamwork mindset. For example, “Our goal is to save $500 this month, so let’s skip going out to dinner or the club, and cook and enjoy drinks at home instead.”

You can also come up with easy ways to hold each other accountable, like rewarding yourselves each time savings are automated at the end of the month.

Decide how accounts should be handled

Joint or separate? That depends on your emotions when it comes to your own money. If you sharing your money could lead to resentment every time your partner makes a purchase, then keep your accounts separate. If sharing your money makes you feel more like a team, then open and share a joint account. There’s also nothing wrong with sharing a joint account, but also managing separate personal accounts, too.

The bottom line 

Talking about money doesn’t have to be difficult. Having these conversations with the one you love is crucial to a healthy relationship, so it’s important to have them sooner rather than later, and with the right approach, you can both have fun, too.

How can I start investing with my partner?

At Sarwa we are happy to announce our new Joint Account for partners. Yes! Right now you can start investing with your partner for your future plan! 


Ready to invest in your future? 

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Ready to invest in your future? Talk to our advisory team, we will be happy to help.
Important Disclosure:

The information provided in this blog is for general informational purposes only. It should not be considered as personalised investment advice. Each investor should do their due diligence before making any decision that may impact their financial situation and should have an investment strategy that reflects their risk profile and goals. The examples provided are for illustrative purposes. Past performance does not guarantee future results. Data shared from third parties is obtained from what are considered reliable sources; however, it cannot be guaranteed. Any articles, daily news, analysis, and/or other information contained in the blog should not be relied upon for investment purposes. The content provided is neither an offer to sell nor purchase any security. Opinions, news, research, analysis, prices, or other information contained on our Blog Services, or emailed to you, are provided as general market commentary. Sarwa does not warrant that the information is accurate, reliable or complete. Any third-party information provided does not reflect the views of Sarwa. Sarwa shall not be liable for any losses arising directly or indirectly from misuse of information. Each decision as to whether a self-directed investment is appropriate or proper is an independent decision by the reader. All investing is subject to risk, including the possible loss of the money invested.

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