How to Handle Finances as a Couple (The Right Way)
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What money conversations should every couple have?
Hello and welcome to Friends That Invest. You're joined today by your host, Sim. I'm so excited to have you here. I'm wildly passionate about all things investing and personal finance. And in today's episode, we're going to be talking about all things money and relationships. Most Specifically, we're going to be talking about what no one taught me when it came to money in relationships and what happens to your money when love enters the picture. I've got some really interesting stats here. We are going to talk about why money is one of the biggest sources of conflict in relationships, the financial red flags that you need to know before things get too serious, how to have the money conversations that most couples avoid until it's too late, and how to set up your finances together in a way that works, whether you're newly dating, you're moving in together, you're
you've been together for a while, or you've been married for like 10 years and you're like, you know what? I should probably have this conversation with my partner. It's been a little bit of a while and this is something we need to get into. This episode is for every woman that is building her wealth and wants to make sure that love helps and doesn't get in the way. Now, without further ado, this is a statistic that has completely blown my mind. 42% of people are keeping financial secrets from their partners right now. 42%. That is a lot of people. That is almost half the people in relationships that are hiding some kind of spending or debt or accounts. And that's not something they're hiding from their friends or their family or their colleagues.
That is something they're hiding from the person that they're meant to spend their life with and want to have maybe children with. And you can be so vulnerable physically with a person, but you don't want to talk to them about your money. That just... Like make it make sense. Now, let me get straight into the facts to share with you some things that have blown my mind. As I've said, 42% of people have financial secrets from their partner, but 30% admit to spending more than their partner would approve of. 23% of people hold secret debt from their partner. 19% have secret savings accounts, which I'm like, you know what? That one, that one I will turn a blind eye to. I don't mind that one. And 18% possess a secret credit card.
What are the financial red flags in relationships?
That is a lot of secrecy in something that's meant to be a relationship where you want to work together and you want to be on the same page. But if you're listening to this and going, well, Sim, what do people get wrong in relationships? And what's some of the reasons why divorce... tends to happen when financial incompatibility really starts to balloon out. There's two things that I have noticed. The first is that there are different money habits and when people's money habits are so different and there's no room for them to grow together, things can become a little bit tricky. You probably have someone in your friend group and maybe you are that couple where like Sally is really frugal and she saves a lot she tracks all of her money and she has a goal to buy a house and Jason is like you know what screw it like he's obsessed with I don't know fortnight that was just the first thing that came to mind but you know he's spending his money on things that are in alignment with his goals and like makes him happy but they're not in alignment with a couple goals and then Sally starts to wonder like should I just start saving up to buy a house on my own should I just separate my finances like how is this going to work and if they don't have those high
harder conversations, not to say they're doomed, but if they don't have those conversations, it makes it really harder to get on the same page. Those are things that are usually easier to fix. Now, the harder parts and the types of relationships where money comes in and it's a bit of a red flag for them is when they have financial infidelity. It is what I mentioned when partners are like, I'm going to hide my money or
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Chapters
8 chapters
1
What money conversations should every couple have?
0:04–2:13
2
What are the financial red flags in relationships?
2:13–5:27
3
How can couples navigate financial infidelity?
5:27–7:57
4
What are the different money mindsets couples may have?
7:57–9:49
5
How do you communicate effectively about finances with your partner?
9:49–11:43
6
What are the best ways to structure finances as a couple?
11:43–13:29
7
How important are prenups in a relationship?
13:29–15:29
8
What steps can couples take to ensure financial security?
15:29–30:09
Speakers
2 identifiedMore from Friends That Invest
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