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Romance is in the air this time of year, but not all conversations come easily for most lovebirds – and differences in opinion about money matters can endanger the chemistry of a happy couple. Though it’s unrealistic to think that any two people will always see eye-to-eye when it comes to finances, understanding one another’s financial priorities and money management style can help you avoid disagreements. Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial, offers five suggestions to guide financial conversations between couples.
1.Discuss often. Money can be complicated, so treat conversations about it with respect. Don’t attempt to cram a spontaneous financial discussion into a busy day when you and your partner are too distracted to have a productive dialogue. Instead set aside regular times on a monthly or quarterly basis with your significant other to talk about budgets, bills, investments and other important financial decisions. 2. Determine roles and responsibilities. Disagreements between couples often stem from confusion, unsatisfied expectations or resentments over who is doing what, how often and in what manner – and disagreements about money are no exception. Clarity is crucial. Agree up front about who will be held accountable for what, and who needs to be informed or consulted with for different aspects of your financial life. Start by establishing which partner will pay household bills, which will manage investments, and who holds responsibility for insurance and benefit decisions. 3.Discuss financial values and priorities. Having a solid plan is one of the best ways to understand what you’re trying to achieve together and how you’ll get there. The first step in creating one is defining your short- and long-term goals. Sharing what is important to you with your significant other – and hearing and understanding their values and priorities may help quell some differences, but don’t be surprised if your goals are not identical. In this case, agree to make the best joint financial decisions to help you both achieve what you need and want for the future, even if it means making reasonable sacrifices along the way. 4. Commit to compromise. When opposites attract, they may bring two completely different money styles and personalities into the relationship. For example, one person may be more conservative and the other more aggressive; or one partner wants fancy vacations while the other would rather fix up the house. It’s important to speak up about your desires, but part of any relationship is conceding when there’s no negotiation in sight. Whatever your particular differences are, commit up front to occasional compromise. 5. Agree on a realistic budget. The numbers don’t lie. A budget is an integral part of a financial plan, and having a written document with your income and expenses laid out makes it easier to make mutually agreed upon financial decisions. Still can’t seem to agree? You and your partner may decide to keep your finances separate, or determine an amount of individual discretionary cash for each to spend as you wish. Consider working with a financial advisor who can help you create a budget and develop strategies for meeting your financial goals.

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