Talking About Money In Your Relationship

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Different American bills
How the recession helps us be more honest when it comes to finances.

Carol M. knew she had a good thing in her boyfrirend, Eric. But earlier this year, when she lost her job as a schoolteacherand faced default on her subprime loan, it showed her just how caring and committed he was.

"We recently talked about being in a relationship, and one of the benefits of being in a relationship is you have someone on your side no matter what," she says. "We sit down and we talk about things. Last week we talked about having to file for bankruptcy."

Talking about money with a significant other can be a painful, awkward situation—especially when you're in a dating phase. You'd think it would be easier in good times, but some are saying that the downturn has made it easier to both talk about finances and to learn about a significant other's situation. Read: Opposites Attract When It Comes To Spending Money

Money is top of mind for many of us and a common topic of conversation. If someone is furloughed, laid off or had a salary slashed, their relationship to money becomes more apparent.Read: Money Saving Tips

"An environment like this will amplify whether or not your partner has a good grasp of personal cash flow and balance sheet information as well as how to create a budget and find efficiencies," says my friend Steve (not his real name), who is moving forward in a serious relationship. "When is it a good time to borrow short-term cash or pay off debt?  Are available tools (like Mint.com) being used to help evaluate past spending and find waste or inefficiencies?" At this point, I start thinking he's not talking about a relationship anymore—but he is.

Like it or not, money is a necessary evil—in relationships as in life. It's worth bringing it up early and often, to avoid hurt feelings or costly misunderstandings.

—Written by Laura Rich for Recessionwire. Read the rest of the article at Recessionwire.com.

More from Recessionwire:

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