“We need to talk.”
Generally speaking, no good conversation starts with this statement … except when it comes to finances.
For anyone in a relationship, money isn’t just something that you should talk about; it’s a topic that you need to cover together. In fact, of the many arguments that couples can have, fights over money have been shown to be the best predictors of divorce—even more than spats over sex!
The good thing is that most people in a relationship want to be transparent about their money … they just don’t know how to do it. According to a recent Lawyers.com survey, 40% of couples (folks ranged in age from 25 to 55) agree that financial honesty is more important than being honest about fidelity.
So we asked LearnVest founder and CEO Alexa von Tobel—who just got married this past spring—to share her own strategy for having a productive money talk with your significant other.
Plus, you can also check out LearnVest’s new Love & Money Bootcamp, created in conjunction with Cosmopolitan magazine. The five-day program covers everything from how to successfully combine your money to the best ways to prep for your financially happy future together.
Why the Money Talk Is So Important
“Discussing finances openly with your partner is crucial because money plays into every aspect of our lives, from the jobs we take to the way we raise our children,” says Alexa. “Since it affects so many major decisions, it’s necessary to check in with your partner from time to time to make sure that you’re on the same page when it comes to your finances.”
And we’re not just referring to married couples. It’s necessary to have the money talk as soon as you start to get serious with someone, so you can lay the right foundation for further conversations as your relationship progresses.
Don’t know where to start? Here are Alexa’s top-five tips for acing that first ice-breaker money chat with your significant other: