9 Ways  To Avoid Financial Infidelity

Money is the number one trouble spot among couples according to 35% of people surveyed in the SunTrust Bank study. Most conflicts about finances are the driving force in most divorces. Couples talking to each other in making wise financial decisions may reduce some of the strain these topics may cause.

8 Ways Couples Should Talk About Money

1. Have Honest Communications Early on, you should express your general views early on a range of financial topics without specifics on saving, spending, giving, reducing debt, investing, and retirement.

2. Set Up A Time To Talk About Money

It is a good habit to find a standard time to discuss a range of money issues together. You want to make sure you are on the same page regarding short-term financial goals. Those goals may impact your long-term plans if you breach your ability to save to buy a home.

3.Tell Your Spouse What You Earn

Generally, it is a good idea to share your salaries as a combined baseline income. However, one person may have a predictable salary while the other person may depend on annual bonuses, commission, or self-employed, receiving less predictable lump sum payments.

4. If/When Finances Merge Among the most challenging decisions for any new couple are combining finances and dividing up money responsibilities. There are many tasks to take care of, such as managing money day-to-date and dealing with long-term issues.

5. Divide Financial Responsibilities You should decide how to share responsibilities for financial tasks. Among the jobs are paying monthly bills, monitoring credit card accounts, establish an emergency fund, paying taxes, charitable giving, reviewing credit reports periodically, and your budget. Determine which one of you is financially more capable for various respective tasks.

7. Long Term Financial Planning You and your significant other need to be on the same page whether you are dealing with day-to-day financial management or long term planning.

8. Strengthen Your Financial Skills Most of us did not have a course in financial literacy in high school. Having the necessary financial skills is essential for everyone for day-to-day transactions as well as long-term planning.

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