How Important is it to discuss money in a relationship/marriage?
Recently this topic came to my intention twice:
1. During our newspaper interview
2. As one of my points while writing an essay for school.
In a past survey conducted by investing app Acorns, 68% of the participants responded that they’d rather reveal how much they weigh than how much money they have in their savings account. Additionally, 42 percent said they felt “anxious and depressed” when thinking about their financial future, and another 11 percent said they felt “meh” about it.
Early and continuous discussions around money allowed us to have a summary about each others financial status. Knowing this creates a strong and healthy relationship, helps to spark the conversation about future financial plans and sets a comfortable environment to discuss money at anytime.
While this is a hard conversation to start and normally an overlooked topic, your financial status is just as important as the common questions couples ask each other such as : how many partners have you been with? Do you want to have kids? What are your views on marriage?
Debt and spending habits are critical to talk about as they can make or break the relationship; especially where marriage is concerned. Imagine your partner did not reveal spending habits and that person was handling the finances. Months or even years down the road, this could result in tons of debt because one person didn’t see it as a problem and assumed it was all under control. It is important that both parties are involved in the progress to eliminate surprises which could put a hard block on your future.
Debt is common for most people but we don’t like to speak about it. Remember that two heads are better than one so be open with your partner and develop a plan which will lead to a brighter financial future for both parties.
During this process, you may even find that it takes more than just a conversation but the need for professional help to make the situation better. Doing research is also an option. We found resources online and an entire debt free following to prove the results. The first step is to just talk about it.
If you didn’t have the opportunity to read our feature in the Heat Barbados, here was our reply on this topic.
For better or for worse in your wedding vows isn’t something to just say and take lightly. Finances is one of the most common causes for divorce. It is very likely that you will have to make some type of joint financial decisions which will start the discussion on each other’s finances. Early financial disclosure will provide each party with a snapshot of what to expect. Who will manage the household bills, how do we split the expenses, should we have a joint account or not, how much combined debt are we in, are you ok with your partner working for more / less money than you? What are your future plans? These are all critical questions that should be thoroughly combed through during the early stages of the relationship to mitigate stress, disagreements and animosity later.
We have all heard the phrase,” Practice makes perfect “. This doesn’t only apply to riding a bike, painting a house or baking our favorite cake but also our conversations about money. Discussing money at an early stage sets a level of confidence on the topic between partners. For us, we have been talking about money since 18 years old so we have no arguments around money and how it should be spent. Every month at our budget meeting, decisions are made together on how, when and where every cent should go. We plan for the past (bills), present (supermarket, gas, personal) and the future (retirement, investments, vacations).
Discussing money and financial is one of the critical components to having a stress-free and stable relationship.