Talking About Money

     When it comes to money and romance, unfortunately, there can be a natural tension.

     Everyone has a different idea about how much they need to know about their partner's finances, and how much they want to reveal.

Not knowing anything has the potential to sabotage your finances, but pressing to learn too much too early can be over the top.

It's a delicate balance, but suffice it to say that as your relationship grows, what you will need to know about your partner's finances will also grow.

The Financial Connection

If you are already in a relationship, you might want to consider your options for becoming more financially connected with your partner.

If you are dating and beginning to consider a future together, the time to ask the tough questions is now.

Money disagreements are one of the top reasons most relationships fail.

Many couples discover that they have very different financial goals and habits only AFTER they have started living together. 

Don't be caught unaware. Take the time to know and understand what is going on. These are the areas you might want to discuss!

1 - Financial Literacy

Financial literacy is the education and understanding of knowing how money is earned, spent, and saved.

It is also about having the skills and ability to use financial resources, like mortgages, credit cards, and loans effectively, including how to generate, invest, spend, and save money.
Learn more about "Financial Literacy."

2 - Spending Habits

One of the biggest causes of problems in relationships is differences in values and goals and habits when it comes to money, and especially communication about money issues.

Money can’t buy you love, but it sure can tear it apart.  Having compatible spending habits is crucial! Learn more about "Habits."

3 - Budgeting

Working out an effective budget that you and your partner can get behind is a massive step toward attaining united bliss. Figuring out how to divide up the cash can clear up ambiguity and make it easier to talk about finances in the future. Learn more about "Budgeting".

4 - Saving Style

Some people like to save money every month. Others spend it all and hope for the best.

It's important to make sure you are aware of your partner's ideas around saving, or spending, money to avoid disagreements in this area.
Learn more about different ways to "Save."

5 - Earning Potential

You may have an idea of what this is, based on his or her profession and while the exact numbers are not important, knowing the range is.

If you have a certain lifestyle in mind, it's good to know that your partner has similar expectations and the  ability to partner with you to achieve it. 
Learn more about "Potential."

6 - Lifestyle Dreams

If you fantasize of a future that requires commitment from your partner, you probably want to get a sense of how he or she might feel about it.

It's important to take the time to discuss your expectations and to determine if the two of you have similar goals!    Learn more about "Planning."

7 - Retirement Planning

This is a topic that will be influenced by your age, but it is critical to get on the same page early.

If your partner is over 30 and hasn’t yet begun to think about retirement while you imagine a retirement full of world travel and cruises, you need to get on the same page.      Learn more about "Retirement."

8 - History & Credit Score

Your partner’s credit score and credit history will impact your ability to handle financial situations in the future. Maintaining a good credit score makes it much easier to deal with all of your finances moving forward.
Learn more about "Credit Scores."

9 - Assets & Liabilities

It’s good to be aware of the amount of both assets and liabilities of your partner at all times.

Debt is not an issue if there are more than enough assets to cover it and the debt was accrued for the right reasons. For example, debt from school loans is a lot different than debt from credit card spending.
Learn more about "Debt."

10 - Catfishing!!

Although not a factor in long-term relationships, those of you dating or in short-term relationships need to be wary of scammers.

NEVER send money to anyone that you haven't met and be very careful about your financial details until you have known somebody (in person) for many months.

Click here for more info on "Scammers." Also, be wary of "Catfishing."

So What Does All This Mean?

Talking about money is sometimes harder than talking about sex, but money conflict is a significant relationship hurdle. If you want your relationship to work out and you are aware that financial issues lead the way as the cause of relationship breakups, it's probably a good idea to start the conversation as soon as possible. 

 Ask your partner what is essential in their lives. Where do they see themselves in five years? People might think that’s corny, that it’s not romantic; but you can make it fun or about something you want to do together. At least you’ll have a game plan.

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