In relationships, money fights are common. Understanding your money attitudes can help you and your partner learn to deal with finances better. Financial advisor Richard Russo suggests you write down your “money philosophy” and share it with your partner.
Photo by Ian D. Keating
In an article for NerdWallet, Russo writes:
If you’ve never formally considered a money philosophy, this is an opportune time to think it through. And you do have one — your money DNA has been with you since your youth, formed by your parents, friends and other outside influences.
He suggests you summarise your philosophy about money in a couple of sentences. Are you afraid of money? Is an emergency fund especially important to you? What are your money goals? One example of a philosophy Russo gives:
I’ve been afraid of debt for a long time and feel compelled to pay off debts quickly. My parents taught me to not dig a hole I can’t climb out of, and I’ve always been that way.
After you identify your philosophy, share it with your partner. It’s possible that the two of you have very different financial ideals. It helps to understand these differences when money conflicts arise. For more of Russo’s advice, check out the article in full.
Before exchanging rings, talk about the purse strings [NerdWallet]
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