Why You Should Talk Money With Your Honey

Here’s something to think about the next time you’re with your significant other: money.
According to a recent survey by Quicken, maker of personal finance software, dollars and cents can be an important part of your sweet talk. Here are four facts and figures that explain why your table for two should be paired with an open conversation about finances.
To help, here are some money talk tips that pair nicely with candlelight: Don’t avoid the conversation. Discussing and agreeing on spending limits, big purchases, and being equally informed about your finances are vital.

Talking About Money Is Hard

People report anxiety about the topic and many have a hard time opening up about finances. Nearly a third of survey respondents said that talking about money made them feel anxious and over a quarter said that they avoid checking bank account balances because ignorance is bliss. Another 31 percent said they wished people talked about money less. In fact, the survey revealed that only 43 percent of people tell their partners how much they make.

Talking Pays Off

People who are most confident in their path to retirement talk about money with their spouse or partner more than any one else in their lives. They even favor chats with their significant other over their financial planners by 20 percent. People who identify as less confident in their path to retirement are 15 percent less likely to talk to their spouse or partner about money matters.

Money Talk Can Even Be Romantic

Over half of millennials say they’ve talked about personal finance on a first date. For Gen X’ers, the number drops by nearly half, and boomers stick to more traditional topics-only 8 percent have talked about money on the first date.

Conversations Are Key

In short, open conversations about your finances-especially with your spouse or partner-are a cornerstone of confidence in your financial future. Choose the right time to talk. Try to find a time when you and your partner are more likely to be at your best, rather than when you’re running out the door to work or have just gotten home and may need time to decompress. Many couples have standing monthly dates to review their financial picture together.
Leverage a tool to track your goals together. Using software or apps such as Quicken, provider of the best-selling personal finance software in the U.S., can make setting goals and tracking spending collaborative-and maybe even more enjoyable. For further facts, tips and insights on taking control of your financial life and liking it, go to www.quicken.com.