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Financial Education

June 3, 2019

It can be awkward to talk about money with your partner. In fact, a 2018 Aspiration survey found that only 52% of men and 60% of women say they are comfortable sharing their salary with their partner. But staying silent on money matters can actually do more harm than good to a relationship, especially if you plan to live together in the long term. Discussing a few simple financial topics can help reduce stress and save time, money and arguments. Here are a few example topics:

  • Spending habits. Do you tend to buy anything and everything that catches your eye? Or maybe you’re a stingy spender who rarely buys anything but the necessities. Whatever your habits, it helps to share them with your partner. This way you can collaborate on spending wisely and keep each other accountable.
  • Debts. Student loans, maxed out credit cards and other debts may feel like personal money problems. But debts can harm your ability to qualify for new loans, which can impede on making shared purchases with your partner. By telling your partner, you may both be able to work on a plan to reduce spending and pay off debt.
  • Credit score. Related to the debt conversation, sharing credit scores lets you and your partner know how well-equipped you are to take on new debt going forward. If you want to buy a car or home together, credit scores are critical to know.
  • Financial goals. Is your financial dream owning a house or maybe paying off debt? Whatever your financial goals may be, making them known can prepare you to make compromises that help get both of you closer to your goals. And if your goals are aligned, even better — that fact will help you reach your goals even faster.
  • Joint finances. Do you plan to get a joint checking account? Or will you be keeping your finances mostly separate? Even if you plan to keep cash in different accounts, you’ll have a smoother experience if you work on budgeting together. By keeping track of shared expenses, you can ensure both of you feel that the spending is split in a way that feels fair.

Ready to handle money as a couple?

If you and your partner are ready to share finances, PeoplesBank offers joint checking accounts that make it easy to pay for shared expenses like rent and food. To learn more or open an account, click here.

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