Sponsored by Hawaii State FCU
Everyone knows that communication is one of the keys to a healthy relationship, but it seems people have a hard time when it comes to bringing up finances. Studies show that disagreements over finances are one of the leading causes of conflicts in relationships. With Valentine’s Day approaching, Hawaii State FCU and HI Now host Jobeth Devera are taking to the streets to find out how comfortable people in Hawaii are with discussing finances in their relationships.
“Talking about finances with your partner can be difficult, especially when you’re in a newer relationship,” says HSFCU President & CEO Andrew Rosen. “But experts warn that not talking about finances with your significant other can eventually lead to rifts in a relationship.”
Studies have shown that more than 70 percent of individuals have a money management style that differs from their partner’s, and that’s a lot of potential conflict. It just goes to show how important communication and compromise can be!
To prevent finances from causing relationship trouble, you need to be willing to have open and honest talks about finances, expenses and spending. If you’re not afraid to bring up topics that might affect your finances, like a change in career, you’re likely to be able to address potential points of conflict before they become bigger issues.
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It’s also important to make sure that your financial goals align with your partner’s. For example, if one person is saving for a down payment for a home, but the other person is spending money and not saving, it’s likely going to cause a conflict down the road.
“I think compromise is needed as well,” Rosen adds. “If you can figure out ways to manage your money that your partner agrees to, it makes things much easier.”
Consider hiring a financial consultant or adviser who can help you and your partner when there are questions or conflicts about money. It can help to have an expert’s unbiased opinion when you have to make financial decisions!
For more information: HawaiiStateFCU.com, facebook.com/hawaiistatefcu, youtube.com/user/hawaiistatefcu