![]() Then decide who will pay which bills or if you’ll pay for them from a joint account. Make sure you both have access to shared accounts. You want to be able to focus and not be interrupted.Īlign your finances : Figure out who will handle certain money matters or how you’ll split these expenses. Set a time and place for a special date: Pick a day and location that’s most convenient and calm for both of you for the money talk. This “show and tell” can be a way to talk about how much student loan or credit card debt you have or how you intend to save for retirement. Open the books: Show one another your financial information. A simple question like whether they’re taking advantage of their 401(k) or 403(b) retirement plan at work can tell you a lot about their planning, said Lawrence Sprung, a certified financial planner and founder and wealth advisor at Mitlin Financial in Hauppauge, New York. Start with a simple question about how your partner handled their finances before you got together. But if you’ve just coupled, what’s that icebreaker? Millennials may also talk more frequently about money than baby boomer couples. Gen Z and millennials may argue with their partner over finances more than older couples. ![]() So how do you start what can be a difficult conversation? Here are some tips about delving into the “money talk” no matter what stage of the relationship you’re in. Having that “money talk” is more important than whether you merge your accounts or go with the “yours, mine, ours” approach. Many financial advisors recommend communicating about how each of you handles your finances to figure out your partner’s “money mindset.” It’s part of the work you need to do to help build a stronger relationship, financial psychologists say. One in 5 couples identifies money as their greatest relationship challenge, according to the most recent Couples & Money survey by Fidelity Investments. In this survey by the fintech firm Bread Financial, 45% of coupled adults admitted they’re guilty.Įven if there is no financial cheating, money issues can still cause strain in relationships, arguments or even divorce. Unfortunately, this friction can lead some to commit so-called financial infidelity, hiding purchases from their partner. ![]() Talking about money with your romantic partner or spouse can be tough - especially when you don’t understand or know much about how they think about money.Ī new survey finds that 64% of couples admit to being “financially incompatible” with their partners, with different philosophies about spending, saving, and investing their money. ![]()
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