Finances is a topic that needs to be discussed with every couple and it needs to be had sooner rather than later. You need to know how much student loan debt they have, what’s their credit score and their spending habits. But how do you have this conversation? We spoke with an expert over at Experian on a few tips on how to have the money conversation with your spouse.
- Have an open and honest discussion. Make sure your spouse understands your financial goals as well as your spending habits and any of your financial “flaws,” this will help there be fewer surprises down the line.
- You must understand that everyone handles money differently. Be willing to compromise.
- Set specific financial goals with your spouse, whether it’s buying a house or even taking a big vacation, working toward a common goal together can help you align financially, especially when it comes to spending.
- Set a spending limit. This should be the amount of money each of you can spend without consulting with your spouse.
- Initiate “Finance Fridays” with your spouse — setting aside time one Friday each month to check your bank accounts and credit cards – as well as your credit score and report – together. A useful product for couples is Experian CreditWorksSM which provides access to credit scores and reports, as well as credit monitoring services, so you can keep an eye on your joint finances.
- Education is key when it comes to improving your finances. Couples should work to become better at credit and finance together. The Experian Education Blog is a great resource for couples who want to learn the basics. Experian.com/education
Tips provided by Rod Griffin, Director of Public Education at Experian