CommBank personal finance expert Jess Irvine shares her top tips for ensuring your closest relationships are having a positive impact on your wallet.
1. Listen to that gut feeling
We’re social creatures,wired to connect, belong and keep pace with those around us. So, it’s no surprise we sometimes prioritise fitting in over making the harder choices that support long-term financial wellbeing. A sign you might be doing this? You’re saying yes to things that don’t align with your values or goals, you feel uneasy after spending or you realise you’re mimicking choices that don’t feel like you. These small signs are worth tuning into.
2. Check in with your spending
Track what you’ve been paying for and ask whether those purchases bring you joy. Did you really enjoy that $100 meal with friends or would a coffee catch-up in the park have sufficed? Similarly, are you spending on beauty products and clothes because you value them or because you feel you have to meet certain standards? Noticing your spending habits can help you align them with your unique goals and values, not those of others around you.
3. Get clear on what you want
Find a blank piece of paper and brainstorm what you want for your future. If you’re a visual person, try drawing it. If you gravitate towards words, write. Ask yourself the deeper questions: What does your dream life look like? Where do you live? What are you doing? Who are you doing it with? Use your financial vision board as a springboard to set meaningful money goals that will move you towards your dream life.
4. Learn to spot warning signs
If you feel out of control with your money, are consistently overspending or have little idea where your money goes, there’s a chance your financial decisions are being driven by others. It’s time to put yourself back in the driver’s seat. Your decisions about money—how you earn it, how you spend it—impact your quality of life now as well as that of your future self.
5. Make time for a DREAMS date
For couples, it’s a good idea to have a money DREAMS date early on in your relationship where you share financial Debts, Regrets, Earnings, Assets, Major Expenses and Savings Plans. One of our biggest financial decisions is who we decide to share our finances with so it’s important to be open and honest. Make time to connect on your money goals regularly.
6. Offer up options that work
Setting money boundaries doesn’t mean saying no to fun; it means being clear about what works financially for you right now. If a dinner out feels like a stretch, suggest a lower-cost alternative. A morning coffee or a movie night at home can still give you quality time with your people, minus the financial stress. By being up-front about your budget and proposing thoughtful options, you can protect your finances and help normalise these conversations for others who might not want to speak up.
