Debt and personal finances seem to be still very taboo subjects among couples today. According to our recent Confessions of Debt survey, 45 percent of Livebec couples (living separately, common-law or married) rarely or never discuss their personal finances with their spouse. Since finances are one of the main causes of arguments or breakups among couples, it is important to broach the subject and be honest about your debts and financial statements to avoid some misunderstandings or problems. debt.
Why is it important to talk about finance with your loved one?
It is important as a couple to understand the financial goals, habits and dreams of his spouse and that he or she understands yours too, especially taking into account the current economic climate (the rise in interest rates, the volatility of the real estate market and rising mortgage rates). It is especially important to talk about finances if you are married or common-law, since you plan to spend your lives together, which often involves a lifetime of important financial decisions such as buying a house, raising a family, make investments and save for retirement. Being on the same page, financially, means that you would be better prepared for the successes and challenges that will arise in the future.
How to discuss the subject of finances and debts with your partner?
It can be difficult to break the ice and talk about finances with your spouse. In Livebec, one in five couples will not discuss the subject of their debts before moving in together or getting married. Taking the time to talk about your finances is one of the most important steps. Whether it’s once a week, or once a month, set aside time for two so you can talk about your finances and update yourself on your goals. Keep all necessary documents on hand – invoices, loans, investment income, etc. – so that both of you are aware of your financial statements. Ask yourself the questions: are you comfortable with your monthly expenses, pay your debts enough, save enough, what are your short and long term goals.If you’re looking for more ways to talk to your partner about it,
How do you plan to raise the subject with your spouse? For more tips on how to better manage your finances, Contact us or you can visit our official website.