Discussing finance from day oneDr. Michelle Callahan, a psychologist and relationship expert, partnered with Chase Card Services for its Chase Blueprint Valentine's Day Survey, which was released last month. That survey finds that most consumers believe couples shouldn't avoid discussing finances, even in the early phases of the relationship. Among survey respondents, 65 percent believe a money talk should happen within the first three months of a relationship. However, almost a third said even that may be too late. Thirty percent of those surveyed believe discussions regarding finances should begin on day one. Callahan echoed the importance of financial communication in the press release, urging consumers to use Valentine's Day as a reminder to improve this part of their relationship. "Finances are one of the biggest reasons relationships fail," said Callahan. "Being able to speak openly and honestly about finances will only make a relationship stronger, and what better day to take that next step than on Valentine's Day?" If you are worried your sweetheart may be tempted to leave you because of your excess debt, take heart. Only 6 percent of those surveyed said they would break up or think about breaking up if their partner had a significant amount of debt.
Money problems lead to nights on the couchSpending your Valentine's Day delving into the world of budgets, credit card debt and spending habits may not sound pleasant. But the alternative to communcating regularly about money may be even worse. A survey released last week by Quicken reveals a range of money issues that plague couples:
- One in five survey respondents monitor their partner's spending
- One in three has argued with their partner about finances
- One in 10 has lied to their partner about money
- One in 10 has spent the night on the couch after an argument