Tips & Advice

Why Couples Should Talk About Money

Article courtesy of SavvyMoney(tm)

Whether you’re married, engaged or simply living together in a long-term committed relationship, all couples eventually have to face the money talk.

No one wants to put unnecessary stress on a good relationship. That’s why it’s important to discover if you have different attitudes toward spending versus saving.

When couples cross their signals regarding money matters, it can result in more trouble than just a typical fight. Yet a new study found that about two-thirds of couples have spent money without telling their partner.

A recent Ameriprise study, surveying more than 1,500 couples between the ages of 25-70, discovered that spending without telling is quite common. And, the majority of people (68%) acknowledge they are prone to shop without telling their partner, but say it’s mostly because they don’t think the purchase is big enough to warrant their attention.

The report found that most people said if they intended to spend $400 or more they would discuss it with their partner first. The report also found that despite an agreement on this discussion threshold, 30% of couples said they fought about money at least once a month, and almost 75% said they view money differently than their partner.

Those numbers indicate that perhaps the $400 conversation trigger is a bit too high. While $400 might not seem like a lot, if you’re spending $100 here and $200 there without telling your partner, it could add up to a busted budget and one giant of a fight.

Want to avoid those spats? Then, talk. Talk with your partner about spending habits, and don’t just assume that they won’t mind when you drop $75 on a new pair of shoes without mentioning it. The more conversations, the better.

Consider using helpful services like My Financial Life to monitor your budget, complete a SavvyMoney Financial Health Assessment or work with a financial professional for a more long-term approach to help manage your finances and invest wisely.