Many couples have money “secrets” and this Valentines Day is an ideal time to come clean about money matters that could ruin a relationship. If you have secret accounts, debt, or out-of-control spending habits, get those things out in the open as soon as possible.
Maybe there’s a nagging money concern you’ve put off bringing up with your spouse or significant other. Are you ready to pay off debt? Make a plan together that includes paying off the smallest balance first, so you can celebrate that victory together.
Many Americans don’t have an emergency fund. This is one of the main reasons that people who aren’t “spenders” find themselves in credit card debt. Using a credit card as an emergency fund is dangerous because you’ll pay interest on unexpected and unavoidable expenses. This makes financial hardship tougher to overcome. With an emergency fund, when the unexpected happens, you can simply take care of it and then work toward building your savings, again.
One-third of baby boomers have a zero balance in their retirement accounts. So, even if you aren’t living with a dangerous level of financial infidelity, discussing long-term goals as they relate to savings is a great way to start this holiday with a celebration of love and financial stability.