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Honesty when it comes to money is key to a healthy relationship. Starting a financial conversation with your significant other early on can help avoid future conflicts about money. Here are four steps to get started:
People have different attitudes toward money, which may stem from types of upbringing, cultural differences, and varying personal goals. Knowing these differences, it can be helpful to have a candid discussion about your values when it comes to money and what matters most to you. You may ask questions like:
Pull together items like your credit score, your earnings, your savings, and your debts, and ask your partner to do the same. Sit down together and share this information. Be open and honest (and nonjudgmental) about your situations, how you got there, and how long it will be until you pay off any debts and/or reach your savings goals to help ensure you’re aware of any issues that may resurface in the future.
Ask yourself, and discuss as a couple, how much you want to share with one another and how much financial autonomy you hope to maintain. You may consider merging your accounts to make it easier to pay for household expenses and bills, but you may consider keeping accounts separate if you want to remain in control of your own finances.
Consider factors such as how many personal expenses you will still be responsible for and how aligned your daily money-spending routines are.
Talk about your goals for the future as a couple and what that means financially. This may include questions like:
Ask yourself, and discuss as a couple, how much you want to share with one another and how much financial autonomy you hope to maintain.
As you talk through these goals, consider existing and upcoming responsibilities. For instance:
Keep this dialogue going throughout your relationship and check in regularly on your approach to finances, to maintain honesty and ensure both of you are aware of any changes to your financial situation.
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