How to Talk about Money with Your Honey
Published Wednesday, February 10, 2021 10:49AM PST Last Updated Friday, February 12, 2021 11:30AM PST
VANCOUVER -- Money can complicate matters of the heart.
A Money Magazine survey found that 70 per cent of couples argue about money.
Another study done by Rates.ca found that 31 per cent of respondents admitted to keeping financial secrets from their partners.
Taz Rajan, community engagement partner at Bromwich and Smith, joined CTV Morning Live to share how to navigate conversations about money with your honey.
It's something Rajan says is vital to a good relationship.
Rajan had three steps to get the conversation going:
- Step 1 is to actually have the conversation. Create a safe space for each other to speak openly and honestly.
- Step 2 is to put it all out there. Secrets can cause issues in the relationship. Make it a judgement free conversation.
- Step 3 is to set financial goals together. When you're on the same page it makes money decisions easier to navigate.
When it comes to setting financial goals there are some considerations to discuss:
- Look in to setting up an emergency fund.
- Map out a retirement plan.
- For those with dependents, discuss options to save for children's education.
- Establish a system for managing day to day household spending and bills.
Some couples may come to the realization that there is too much debt to realistically pay off and achieve other goals. This can be an overwhelming for many.
Rajan emphasized that it is important for people to know that they are not alone.
A licensed insolvency trustee can have a detailed look at your circumstances and finances. It is their job to help people figure out their best options and create a plan of attack.
Many people don't realize that the light at the end of the tunnel is closer than they may think.
Bromwich+Smith offers free, no-obligation consultations.
Rajan emphasized that getting the correct information is imperative so that the most informed decisions can be made.
Information received will be unbiased and their goal is to treat everyone with grace and respect.