Debt Confessions: How to Talk About Money with Your PartnerFeb 21, 2018
Our recent Debt Confessions survey found that many Canadians are hiding financial secrets from their partners—and those with a lot of debt are more likely to be hiding something. Their secrets range from spending habits and credit card debt to hiding income and monthly bills.
Hidden money habits can cause financial problems in a relationship. So, how do you get all these secrets out in the open and get on the same page? Our Licensed Insolvency Trustees have some tips for couples in this new podcast:
- Remember that it’s a partnership. Open and honest communication is key. Understand each other’s financial goals and identify any potential roadblocks (rising interest rates, housing prices) together.
- Trust and financial security go hand in hand. Can I trust this person not just with my heart, but with my PIN number and credit rating? If you’re not able to trust your partner, relationship problems could follow.
- Make sure you’re on the same page financially. Schedule a meeting, whether weekly, monthly or quarterly to review your budget, goals and expenses. Have all your facts and figures when you sit down together.
- Decide who’s going to be in charge. Do you want to share responsibilities, or have one person manage most of the money? Figure out who’s best to handle each task, but communicate openly with each other.
- Things could get heated. You may need to weather the storm. Until you both see the benefits of working together, this might take a little work. One person will likely take the lead, but working together ensures you’re on the same page.
- Create SMART goals. These goals are specific, measurable, achievable, realistic and time-based. Use our Goals Worksheet to help make sure your goals meet all of these categories.
For more helpful information and advice from our LITs, listen to the full podcast below.