Friday, July 18, 2008

Open communication about money

I am a big fan of communication. I talk a lot, and probably don't listen as much as I should. It seems that open communication about money is a rarity even in today's flailing economy. I have no problem sharing with my friends and family information about my personal finances. I am always surprised to hear about cohabiting or even married couples who do not have a clue about how the other manages finances, how much debt he/she has, or even how much his or her significant other makes! Money is often a source of conflict in a relationship. I encourage my readers to start opening the lines of communication about money. You can control how much information you actually reveal if you prefer to keep some information private. Start with simple questions: Do you have a savings account or emergency fund? Have you ever checked your credit report or do you know if you have good/excellent credit? Notice I did not include questions along the lines of HOW MUCH. Simply knowing these things about your significant other can be very revealing, and open the door to hopefully some important conversations.

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