Four Financial Topics To Discuss With Your Partner
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Do you and your partner avoid talking about finances and debt?
If so, you may not be alone.
The results of our recent Debt Confessions poll show that 36 per cent of Canadians in a relationship rarely or never talk about money. It’s very important for couples to talk about money early in the relationship to avoid potential surprises down the road. If you and your partner are at the point in the relationship where you should be having this conversation, here are 4 important financial tips I recommend:
Don’t hide your previous debts. Don’t be afraid to share that you are carrying debt. Being honest about the debts you had before entering the relationship, such as student loans or credit card debt, is very important as it lets your partner know some of the financial priorities you may have to focus on.
Learn each other’s financial habits. As you start building your life together, be open about your financial habits and use each other’s strengths to the advantage of the relationship. For example, if one of you is a spender and struggles to follow a budget, consider letting the other do some of the errands like grocery shopping to avoid spending more than you need.
Be transparent about your financial status. Sharing information with your partner about your current financial status, like your income, assets, debts, and credit score, will help you both know where you stand financially. This is an important step toward building a financial plan for your future together.
Talk about your future goals. You and your partner should talk about your individual short- and long-term financial goals and what you hope to accomplish together, like buying a home, or raising a family. If you share goals, discuss how, as a couple, you plan on achieving them without jeopardizing your own personal goals.
