Financial Independence for Couples

July 22nd, 2007 | Stacey | Debt Management, Financial Freedom, Financial Independence

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Financial independence can be confusing on your own – sometimes the confusion doubles with a partner. When you build a future together as a couple, you are also connecting your finances. Because you will be sharing so much, it is important to have open communication and common goals to truly achieve financial independence and remain debt free.

The statistics about financial disclosure between couples speak for themselves. According to a recent Redbook survey, almost a third of the adults in the United States between 25 and 55 years old who are involved in a committed relationship have been dishonest with their significant other about their spending habits. With credit cards, bank accounts, savings accounts and other types of accounts, keeping up can get difficult if you don’t work together and remain honest about your finances.

Further, marriage counselors reports that finances are are one of the most difficult, explosive topics couples talk about. In fact, Sylvia Gearing, PhD and psychologist who works with couples, states that small money deceptions are big enough to tear a family apart and that, “Secrets can ruin everything”. Not only is your relationship in jeopardy when you are dishonest about money, so is your future financial independence. Gearing goes on to say that, “We find that couples have a lot more trouble discussing money than they do sex or any other issue…it’s the omission of the truth that’s the most injurious to the marriage.”

Consider going over your credit reports before your get married. Talk over major and recent purchases. A family budget should be developed as a couple and both of you should know where the money is. Set a cap on vicarious spending – for example, each personal can spend $200 every month without discussing it with the other.

By having honest, open communication, couples are much closer to achieving financial independence.