Why You Need to Talk with Your Honey about Money (Part 1)

Talking with your significant other about money is another way to say “I love you” 

I have worked with numerous coupled clients over the years that have not been on the same page regarding their finances. In this situation, there is usually one spouse who takes care of the finances in the family and the other spouse for whatever reason is not engaged.

For various reasons, we, as women, sometimes have a tendency of not wanting to talk with our significant other about financial matters. It is so important to initiate a conversation for the following reasons:

  1. Understanding each other’s perceptions about money-We have all heard the saying “opposites attract”. This is also true in how couples perceive and manage their money. What happens when you are the saver and your mate likes to spend? It is important to understand each other’s perceptions and beliefs about money so that you can come to a mutual solution. If you are just starting out as a couple, you may want to read the article, Have You Had the Talk?, published on the dailyworth.com website.
  1. Make sure you both are on the same page– It is important that you both have an understanding of the family finances and be able to set goals as a couple. You both need to be on the same page regarding spending and budgeting. Even though you both may have different target dates for retirement you both should be in agreement about how much of the household budget you will be saving towards retirement or other major goals.
  1. Be prepared in the event of an emergency-Even though one of you may be primarily responsible for balancing the checkbook or paying the bills it is critical that you both take the time to understand where you are financially. You should also know where the important documents are such as insurance papers, investment statements, etc. Either of you should be able to step in and be knowledgeable about everything from the monthly budget to insurance and investments.

Being proactive with your significant other when it comes to talking about money not only helps you grow together financially but it also is another way to show your love for your mate.

In next week’s post, I will discuss some tips for starting the conversation with your honey about money.


About Pamela Plick

Pamela Plick is a CERTIFIED FINANCIAL PLANNER™ practitioner and Registered Investment Advisor located in Palm Desert, California specializing in planning for women. Her goal is to empower, educate and engage women around their money. You can find out more about Pamela and connect with her on twitter, Facebook or linked in by going to www.pamelaplick.com.
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