(WFSB) – Every week in Money Monday, we tackle topics that can help handle your money.
Asking someone you are dating about their finances isn’t always easy, but if your relationship is becoming serious, experts say it’s something you need to discuss.
An expert is sharing some tips on how to have that critical conversation.
“Sharing your credit score is not exactly first date material,” said Stefanie O’Connell Rodriguez.
Stefanie O’Connell Rodriguez, the host of Money Confidential at Real Simple Podcast, says financial compatibility is important.
“Money values can also be a thing that we can judge compatibility around. Whether it’s how we think about what we can afford, the dates we can afford to go on, the ways we pay for things, who pays for what, whether we split the check, these are all things we can get a sense and feeling around right from the start,” O’Connell Rodriguez said.
She says as the relationship progresses, so should the cash conversation.
“So, where we can afford to live, when we move in together is naturally a money-related conversation and that’s a great time to bring up other pieces of the financial conversation, like budget, savings goals, and plans for the future,” O’Connell Rodriguez said.
You can also lay some ground rules so you’re not fighting over finances later.
“Is there a certain amount of money above which you will not spent without talking to each other first? This can be a hundred dollars, two hundred dollars, whatever works for your relationship,” O’Connell Rodriguez said.
Finally, couple should set some shared goals.
“Really this is about what you are working toward as a team. Whether saving up for a down payment, saving up for a wedding, to start a family, to take a vacation, you want to make money conversations exciting when you can because they reality is they can be really scary and they can be really uncomfortable,” O’Connell Rodriguez said.
You can listen to the Money Confidential Podcast wherever you listen to your favorite podcasts. The Money Confidential Podcast are produced by the parent company of WFSB, the Meredith Corporation.