Couples Can Minimize Financial Arguments

A Harris Interactive survey conducted for the AICPA inicates that financial disagreements are the most common arguments among couples. Couples do not speak about money as openly as they should to avoid conflicts. The most common disagreement is over what constitutes necessary expenditures versus luxuries. Coming in at a close second and third respectively are unexpected expenses and insufficient savings.

Partners should make time to understand eachother’s current financial situations and history with money. Talking through these issues can help couples to reach a shared goal. The National CPA Financial Literacy Commission provides the following four pieces of advice to keep financial arguments at a minimum:

    1. Get full disclosure: Before marrying or mingling assets, couples should give     realistic accounts of their finances to one another.

    2. Set a money date: Set aside a weekly or monthly time specifically to talk about family finances.

    3. Divide and conquer: Have one spouse manage accounts and another pay bills. Splitting these duties     can provide a system of checks and balances and avoid stress, tension, and confusion

    4. Hire an adviser: A neutral third party could be helpful if there are tensions over finances.

See Ken Tysiac, Financial Matters are Top Cause of Couples’ Spats, Survey Shows, Journal of Accountancy, May 4, 2012.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.