This post was originally published on this site.
ORLANDO, Fla. – Valentine’s Day is right around the corner, and according to Bankrate, 45% of people in committed relationships believe that they do not know everything about their partner’s finances, and 38% think financial infidelity is just as bad as physical cheating.
News 6 Anchor Lisa Bell spoke with CBS News Business Analyst Jill Schlesinger about how couples can work on their finances.
[WATCH: DOLLARS & SENSE: Why the idea of 20/4/10 is broken]
How couples can start tough money conversations
Q: Jill, talking about money can be difficult. What’s your advice for starting these tough conversations? What should couples focus on?
Jill Schlesinger: Let’s not do it this weekend, okay? But set aside a quiet time and place to open a dialogue. Establish some ground rules like no judgments—this is about sharing information. Sometimes one person may feel ashamed, so give them space.
Start with the basics: create or update your balance sheet, which is a list of what you own and owe. This is where you disclose any hidden credit cards or debts. Next, look at how you’re spending money. Do you track your cash flow? If not, start doing that. After about 90 days, come back together and ask if this spending aligns with your goals.
Is it Ok for one person to handle all the money in a relationship?
Q: Often, one person manages the money and pays the bills. Is that okay?
Jill Schlesinger: It’s fine to play to one person’s strengths. But what’s not okay is for the other partner to ignore finances completely. If something happens to the person managing money, the other needs to know how bills get paid and where investments are.
A good practice is to meet twice a year—maybe after tax season and at year-end—to review finances together. You don’t have to handle daily money tasks, but you should know where everything stands.
[WATCH: Dollars & Sense: Do you really need a will? The answer is yes.]
What if money talks always leads to fights?
Q: What should couples do if every conversation about money turns into a fight?
Jill Schlesinger: If you can’t talk about money without sparks flying, consider bringing in a third party—like a certified financial planner or CPA. They can help set common goals, navigate emotions, and find workable solutions. A neutral expert can be essential in bringing couples together to work toward their financial goals.
You can see Jill regularly on CBS Mornings and the CBS Evening News.