Q&A on Couples and Money

Conversations about money are among the most challenging discussion topics for couples. Everyone is different, and people often have different expectations, goals, and approaches when it comes to money. Cherry Hedges, Virginia Credit Union’s financial education director, offers insight on the benefits of couples working together to set and achieve financial goals.

A workshop, “Financial Conversations for Couples,” will be offered Tuesday, February 13, 2018. The workshop is free to attend but registration is required.

Do couples find talking about finances to be a challenge?

They do. Finances can make or break a relationship. If a couple is not on the same page financially, it will be difficult to navigate the relationship.

Couples benefit when they carve out time for many aspects of their relationship. Money is no exception. People make choices about money based upon their values and past experiences. It is important that both partners understand this to be successful.

How should they start?

Couples should set aside a specific time to discuss their financial goals and dreams. Both need to be honest about credit and the amount of debt they have. It helps to enter the conversation with an open mind and a nonjudgmental attitude.

What do you hope people who attend the “Financial Conversations for Couples” workshop will learn?

This seminar is a non-threatening way for couples to discuss finances and future financial goals. We will start the seminar with a review of values and have them compare their values with their significant other.

We’ll discuss how to create mutual financial goals that will set them on the right track for achieving those goals together. Finally, couples will work together to create a budget and analyze how best to save in order to meet their goals.

What are the benefits of setting financial goals that both partners agree to?

Two heads are better than one! This definitely applies to finances. By partnering together you can create a plan to meet your goals in a faster, more efficient way.

Should partners have their own accounts, or should they share everything?

This is really up to each individual couple, and there are pros and cons to each approach. Factors to consider include each person’s income, daily expenses, and major purchases like appliances and cars or shared goals like buying a home.

A financial cooperative serving more than 265,000 members, Virginia Credit Union offers a variety of affordable banking services, loans, mortgages, and free financial education resources, with a focus on helping people be more confident with their finances. Virginia Credit Union is an equal housing opportunity lender and is federally insured by NCUA.