I am always open to guest writers to share their views, knowledge and experience. I of course approve the topic however I do not touch the content. Stuart Parker has provided an article focused on financial awareness. At one time I had a co-writer, Maritza Beltre, who helped me write financial-driven articles that appeared in the Financial Empowerment section. As she has been battling cancer for a few years she withdrew and it was too much writing for me.

Today I can share an article in an area that I feel strongly, financial awareness/literacy but not just for you also regarding your partner. You may be surprised at how differently you view finance, debt and savings compared to your partner. Please read:

*Should couples have money talks and do they need to have their own credit
score?
*

Whether you are living together or thinking of moving in or if you are
married, it is important for you to consider both of your finances. Money
talks are an important part of managing the money. Furthermore, it also is
important to have personal credit score. You never know when a financial
emergency is going to crop up and a good credit score may prove to be of
real help. Yes, even if one of the spouses is just a house maker and knows
little about finances <http://www.discussionoftheday.com/finance/>, it is
important have a personal credit score as it is. It never is wise to be ignorant about
money and any of the other financial aspects too.

*Addressing the key financial issues*

Financial differences can even lead to break up or divorce. So, it always
is better to sort out the differences and take joint financial decisions,
to avoid complexities. Rachel Sussman marriage and family counselor said
that “There are really a lot of emotions behind financial decisions,” and
“When couples start to talk about it, the arguments become more about the
style and not the substance. It’s important to talk about finances but it’s
how couples do it that brings the problems into it.”

She goes on to say that “It’s really common for a couple to come together
with different spending philosophies, but it’s more important to try to
have empathy,” and that “If you understand where your partner is coming
from, then you can find a solution.”

1.

Talk about the savings and spending style – Financial psychologist Brad
Klontz says that “You don’t truly know each other until you discuss your
individual spending styles and financial goals, and come clean about any
debt.” He adds that “Being honest about how money was handled in your
family growing up can also help your partner begin to understand any money
hang-ups you bring to the relationship.” If you discuss about the spending
style and savings too, you will at least get to know if one is a saver and
the other is more of a spender. That is going to help you maintain a proper
financial balance in between the two of you. This also is going to help you
avoid debt and then financial complexities within the relation.
2.

Get joint financial advice – If you are not sure about which financial
issue to deal to or how you can deal with the same, it would be better to
get a joint financial advice. Go to an experienced and professional
financial counselor who is going to guide you two in taking the right
decision.
3.

Set up and review proper financial plan – Sit down together and set up a
financial plan which would help you stay on track. However, it is not only
important to set up a plan but, it also is equally important to review the
same. Ask questions to each other while reviewing the plan if any of the
actions went wrong and what else can you do to improve your finances.

The above are the things you two can do to avoid any financial complexities
in your relation.

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