This will probably come as no surprise, but according to surveys, fights about money are second only to infidelity as a cause of divorce.
What’s the right way for couples to deal with money? There isn’t one.
I’ve read that couples who don’t combine their finances can never be completely bonded. Hogwash. My wife and I have been very happily married for 10 years and our money is completely separate.
I’ve also read that it’s important to keep at least some money separate so both parties have a sense of independence. Sounds reasonable, but it depends on the parties.
Bottom line? Anyone who tells you there’s one correct way to mix money and relationships — and there are plenty of “experts” who do — is just plain wrong.
As far as I’m concerned, there’s only one thing that’s universally true when it comes to money: Secrets are bad. My wife and I don’t combine our money, but we do discuss it. Often.
Whether you’ve been together for 30 months or 30 years, avoiding talking about money puts your relationship at risk. This is especially true if finances are tight, or if you combine your finances and have different money “personalities” — such as a spender or borrower in a relationship with a saver or investor.
So when, and exactly how, can we discuss money with our significant others without causing friction? How do we get on the same page and stay there? Or are differences about money just something couples have to learn to live with?
That’s what this week’s “Money!” podcast is about. We’re going to talk about how, and how often, you should be talking to your honey about your money.
As usual, my co-host will be financial journalist Miranda Marquit. Listening in and sometimes contributing is producer and novice investor Aaron Freeman. And this week we have a special guest: Pam Krueger, founder of Wealthramp.
Sit back, relax and listen to this week’s “Money!” podcast:
Don’t listen to podcasts?
A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They’re awesome for learning stuff and being entertained when you’re in the car, doing chores, jogging or, if you’re like me, riding your bicycle.
If you haven’t listened to our podcast yet, give it a try, then subscribe. You’ll be glad you did!
Want more information? Check out these resources:
- Talking Money with Your Honey: How to Do It Painlessly
- 6 Money Moves That Couples Should Make in 2022
- The Right Way to Mix Money and Marriage
- 7 Money Mistakes That Can Doom Your Relationship
- 11 Essential Money Matters to Discuss Before Marriage
- 4 Reasons to Talk About Money with Family and Friends
- Ramsey Solutions: How to Talk to Your Spouse About Money
- NerdWallet: How to Talk — Not Fight — About Money With Your Spouse
- The Balance: How to Talk to Your Spouse About Money
- Money Under 30: How To Have ‘The Talk’: 6 Tips For Couples Discussing Finances
- NPR: If You Want To Get Closer To Your Partner, Start Talking About Money
- BuzzFeed: 11 Awkward (But Important) Conversations About Money Every Couple Should Have
- Stacy’s stock portfolio
- Subscribe to the Money Talks News newsletter
- Take our course The Only Retirement Guide You'll Ever Need
- Take our course Money Made Simple
- Miranda Marquit’s website
- Wealthramp (Pam Krueger’s fiduciary adviser matching service)
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