Money can’t buy you love, but it can come between you and your spouse if you don’t have open conversations about it.
According to a poll of more than 1,300 Americans, couples who regularly talk about money — as often as once a week — are happier in their relationship than those who discuss finances less frequently.
On the other hand, money is a source of conflict for nearly one-third of all couples, and even more so during stressful times — and any uncertainty about finances can add to that stress.
Additional research from North Carolina State University suggests that working as a team and becoming financially literate can help.
Boost Your Financial Literacy:
- Consider talking to a financial advisor.
- Map out your family finances and draw up a plan for both managing current expenses and saving for the future.
- Stay up-to-date with news from a respected financial organization.
But how can you get started if you tend to avoid the topic? Set aside a time that’s right for you, not when you’re feeling rushed, angry or tired. Talk about finances in general, then about any big-ticket items coming up.
Partners rarely see eye-to-eye on every issue, but don’t avoid a discussion because you’re afraid of having a difference in opinion. It’s better to resolve a money worry than hide it or lie about it and then have to deal with the consequences.
If you didn’t learn about money when growing up, you may have a harder time overcoming what you see as a taboo subject. But financial talk is good for your bottom line — and your relationship.
The American Psychological Association has more tips on how to avoid money conflicts with your partner.