Talking about money can be seen as a taboo subject. You don’t want to talk about money at the Thanksgiving table with all of your family. But, you should talk about money and your financial situation with your signification other, especially if you are planning to build a life with them.
Money can be a cause of couples splitting because they never discussed this before they got married. You should talk to your significant other about financial habits, credit, existing debts, and future debts.
Talk about your financial habits. For example, one of you may be a spender, and one may be a saver. This scenario can work, but the spender must try to be mindful of a budget while the saver also understands that you have to spend money on certain things.
Talk about your credit score and reports. This is important to know if you plan to purchase a home or car or anything else on credit. One person may have a low score while the other than a great score. The person with a good score can help the other with a lower score. If you purchase anything as a couple, both scores will be considered.
Talk about existing and future debts. When you get married to someone, their debt becomes your debt. If you are debt free and your significant other has a credit card and student loan debt, this is a lot to take on. It can impact your credit score, and if you get divorced, it could be something you will be legally responsible for paying for. Also, talk about future debts. Houses, cars, and rentals are all possible things you may want to have in the future.
Being open about this with your significant other will allow you to have more conversations about your future.
