- Office of Consumer Affairs and Business Regulation
A 2017 report conducted by investing app Acorns found that 68% of the 3,010 respondents said they’d rather tell their partner their weight than the amount of money in their savings account. But when talking about finances, it’s important to have regular talks about money, lifestyles, savings habits, and retirement goals with your significant other to avoid problems down the road.
If starting the conversation seems ‘too soon’, you can start small. Forbes offers a loose financial talks timeline of when to start delving into your financial compatibility in a relationship. A quick guideline is that the level of seriousness in the relationship equals the level of depth of your money talks.
Most experts suggest partners discuss:
- How much money each makes
- How much debt each owes and what the other’s credit score is
- Individual spending and savings habits
- Whether you want joint or separate bank accounts
- Future goals such as homeownership, travel opportunities, and when you’d like to retire
Talking about finances openly and frequently can help make achieving long-term goals possible. This week is America Saves week, and we encourage consumers to look at the America Saves blog for tools to help you save smarter.
For more information and tips that can help you save money, visit the Division of Banks Consumer Money Matters website. From tips for choosing a bank or credit union that is right for you to preparing for home ownership, the DOB has information and resources to help you plan your financial future.
