Your Money Matters

Healthy Relationships Require Financial Communication

Your Money Matters: Healthy Relationships Require Financial Communication

Louisiana Consumers aren’t discussing money with their significant others before uniting lives and bank accounts.

According to a credit union Consumer Survey, about 55 percent think couples should combine at least some financial accounts and bills once they’re married. Another 37 percent think married people should share all finances. However, about 51 percent of respondents who were married or engaged said they didn’t take time to discuss a financial plan with their future spouse before saying “I do.”

According to an American Express Spending and Saving Tracker poll, 66 percent of American couples pay all their monthly expenses together and most maintain joint ownership of at least some household accounts. But only 43 percent of American couples talked about financial plans before they combined finances. In fact, 91 percent of Americans said they actively found reasons to avoid discussing money with their partners. 

A Money Magazine poll found four out of five spouses believe they’re on the same page as their partner when It comes to money – but 22 percent of husbands and wives have spent money they didn’t want their partner to know about.

Even though they’re not communicating about money, couples are stressing about it. According to Money Magazine, 70 percent of couples report fighting over money. About 30 percent of respondents in the American Express survey said finances caused the most stress in their relationship.

A Utah State University study found that couples who reported disagreeing about money at least once a week were more than 30 percent more likely to get divorced than couples who reported disagreeing about finances a few times a month.

 Tips from your local Credit Union for a Healthy Financial Discussion with Your Significant Other

• Schedule a credit report review with a Centric Loan Officer. Share with your significant other the importance of knowing where you currently stand financially and encourage a free credit report review together with a Centric Loan Officer. A neutral party will help understand what’s reporting to your credit report and offer quick tips to boost your score and get create a financial journey you can both be proud of. Schedule your review.
• Don’t wait until it’s already an issue. Try to talk with your significant other about any possible financial sticking points before they become a problem. Emotions will be lower, creating conditions more conducive for a constructive conversation than a fight.
• Keep emotions at bay. Money is an emotional topic. Most people have opinions about what they earn, spend and save – and it can be difficult to see another point of view. Try to stick to the facts of the topic with your husband or wife and be prepared for his or her emotional response. Be sure to acknowledge how the topic makes him or her feel and to explain how you it makes you feel. Remember that if you both remain calm, you’ll be able to reach a resolution more effectively.
• Ask for your partners’ input. You may feel confident you know the best way to handle your household’s money, but it’s important to remember your finances are now a team effort. Ask for your partners’ input even if he or she isn’t volunteering it. Your significant other might have a point of view you hadn’t considered – and it’s important that you both feel a valuable part of your homes’ finances.
• Don’t lie or hide anything. Open up completely about whatever financial topic you’re discussing with your significant other. Don’t try to hide purchases or lie about financial mistakes you’ve made. The more transparent you are, the more both your finances will benefit.
• Get help. Centric is member-owned and dedicated solely to service. We can provide expert advice for couples whether just starting out or need to get on better financial footing. Schedule your review.