Sponsored by Hawaii State FCU
When it comes to relationships, finances are often a leading cause of stress. It can be awkward to talk about money, even taboo in some relationships and a source of real contention. In some cases, mismatched financial goals can cause irreparable harm and misunderstanding in a relationship. HI Now host Jobeth Devera enlisted the help of Hawaii State FCU President and CEO Andrew Rosen for some tips to help couples deal with the topic of money. Together, they hit the streets of downtown Honolulu to see how Hawaii residents felt about the topic.
Rosen recommends starting the conversation about finances early on in the relationship, that way it eliminates potential surprises down the road. For example, carrying a lot of student loan debt may be normal for you, but your partner might be surprised by this. It’s an issue that could be awkward down the road when your partner wants to take a luxurious vacation and your student loans make you feel uncomfortable doing so. Lay it all out early and both sides know what to expect.
Make talking about money normal. Don’t overthink it and find natural opportunities to talk about finances, such as when you’re talking about goals. It’s easy to talk about the things you want to do in life, like traveling, switching careers, or moving to a different city. Those goals require money, so it’s a natural segue into discussing your financial picture.
Get a sense of your partner’s financial picture, which includes debt obligations, financial philosophies, and budgeting goals. If you get to a point in your relationship where joining your accounts seems like a possibility, you especially want to know what you’re dealing with. The same goes for making any joint financial decisions, like moving in together, which is a financial commitment that entails more than just splitting the rent.
Keep the lines of communication open so money doesn’t become a source of stress!
About Hawaii State FCU
Hawaii State FCU was founded in 1936 by a handful of government workers who believed in people helping people and watching out for one another’s back. Today, the banking institution still lives by those founding ideals, ensuring that it is Always Right by You throughout your financial journey.