Here on the Straight Talk Blog, we’ve talked before about the importance of open communication when it comes to dealing with the family finances. A recent story at HuffPost also takes a look at the financial infrastructure of the typical household with an emphasis on how newlyweds should approach the matter.
While they offer several thoughts on healthy money management practices for new couples, each tip in some way addresses the importance of open communication between the two people involved. For instance, the article promotes creating a joint budget and assigning specific financial responsibilities for each person in the relationship. They even suggest making a serious discussion about money and financial values a part of your pre-wedding checklist. They also suggest a good rule to remember even after the honeymoon is over: no secret spending!
Whether you’re working together to save for retirement or trying to decide upon the best place for your home improvement fund, the article makes a good case for drawing your financial map together and not keeping any financial secrets from your spouse.
How do you and your significant other deal with shared personal finance issues? How do you make sure you’re both on the same page?