Why Should Couples Talk More About Money?

There’s no doubt life changes when you’ve met the one. Whether you’re moving in together, thinking about marriage, or buying a home — new couples have a lot to talk about.

Our recent Debt Confession poll revealed that almost 50 percent of couples have kept financial secrets from their partner. With money and lack of communication as top reasons for divorce or relationship problems, it confirms how important it is to be open on the subject. To avoid financial surprises down the road, the key is to start talking about finances early and be honest about everything. Being on the same page will help new couples as they begin building their lives together.

Talk about your goals

If you are not sure where to begin, start by talking about your short and long-terms goals. Start by listing your own goals like starting an emergency fund, paying off a debt, or purchasing a home, and establish which goal you plan to pursue together. Then, work together to create a plan to achieve these goals. Use our Goals Worksheet to help you both stay on track and focused. It also helps to schedule a financial date night so you can discuss and review your goals on a regular basis.

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Being open and honest about debt with a partner can help relieve a lot of financial stress. If one or both of you are bringing debt into the relationship, talk about how you’ve accumulated the debt and how you plan to tackle it, whether it’s individually or together. You can use a Financial Goal Calculator to help you manage your debt and the goals you’ve established. You can also talk with a debt professional to discuss the debt relief options available to you.

Talking regularly and being open with your partner about money will help you both feel more comfortable if other financial challenges come your way. Remember, you are in a partnership, and two heads are better than one.

How do you and your partner discuss sensitive financial subjects? Join the conversation and share your tips with us using #DebtSolutions #LoveAndMoney #DebtConfessions. And always keep an eye out for my column for more debt solutions.