Wondering how compatible you and your partner are—financial soulmates or budgetary opposites? Take this quiz to find out.
Whether you’re just starting out or deep in mortgage life together, these five conversations will help you avoid financial heartbreak and build a money game plan as a team.
1. The “Show me yours, I’ll show you mine” talk (a.k.a. financial transparency 101)
Before you combine Netflix passwords, let’s talk about combining finances—or at least being honest about what’s in (or not in) your accounts. What’s your credit score? Have student loans lingering from the early 2010s? Any “surprise” credit card debt? Full financial disclosure helps avoid awkward “Oh, you didn’t know I financed my entire life on Afterpay?” moments.
Pro tip: Use a tool like Neo Insights to easily view and track your spending, giving you a clear picture of where your money is going—no spreadsheets required. You could also use a budgeting tool like YNAB (You Need A Budget) or Monarch to help you further.
Another great tool are cashback credit cards that can also help improve credit scores while earning cashback on everyday purchases.
2. The “Joint or Solo?” account debate
Do you:
a. Merge your money into one big happy account?
b. Keep things separate like parallel universes?
c. Go hybrid—shared expenses in one account, personal fun money in another?
There’s no one right answer. What matters is making sure neither of you feels like you're funding someone else’s Uber Eats addiction unfairly.
Pro tip: If one of you is a saver and the other a “We can afford it, YOLO,” consider setting spending thresholds for big purchases (ex: “Let’s check in before either of us drops $500 on a new gadget.”). If you do not have an account to track your savings goals, get started with a Neo Everyday account or a Neo High-Interest Savings Account.
3. The “what are we even saving for?” chat
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Sure, everyone loves a good “someday we’ll own a lakehouse” daydream, but what’s your real plan? A first home? Early retirement? A no-regrets trip to Japan?
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Set your joint and individual goals now so you don’t wake up in 10 years wondering where your money went (spoiler: probably subscription services you might have forgotten to cancel or even hidden bank fees).
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Pro tip: Automate savings towards shared goals so you’re putting money aside before life (read: impulse spending) gets in the way. If you already have a Neo account, setting up auto-save is quite easy!
4. The “tax time teamwork” plan
In Canada, you don’t file taxes jointly like in the U.S., but your marital status does affect things like benefits and deductions. Spousal tax credits? Pension income splitting? These aren’t just boring accountant phrases—they’re legit ways to keep more money in your pocket.
Pro tip: Make sure the CRA knows about your relationship status changes. Not updating them could mean missing out on benefits (or, worst case, repaying ones you weren’t supposed to get).
5. The “let’s check in” habit
Just like relationships need regular date nights, your finances need regular check-ins. A monthly money catch-up can prevent those “Wait, how did we spend $400 on delivery last month?” moments.
Pro tip: Put it in the calendar, keep it casual (snacks & refreshments highly encouraged), and review spending, savings, and goals. No judgment—just teamwork. Using the Neo Insights feature helps couples track where their money is going, making financial check-ins simple and effective.
Money Talk = Love Talk
Avoiding financial convos because they’re “awkward” is like avoiding dentist appointments—you can do it, but you will regret it. The best relationships are built on trust, transparency, and knowing that, yes, your partner is going to buy more houseplants, and no, you cannot stop them.
Want to make managing money easier? Check out how Neo helps you track, save, and even earn more rewards—minus the in-person branch drama.
As reported by:
https://www.canada.ca/en/financial-consumer-agency/services/living-as-couple.html
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans.html
