Alternatives to Bankruptcy presents the following article on how to approach financial matters openly with a loved one. With wedding season approaching, it is all the more important to exchange not only vows of love, but also of financial honesty and openness! Click here for resources and help!
Published on Financial Post.com 
Nothing breaks Cupid’s bow like an argument over money. With job losses skyrocketing and portfolios tanking, there’s a lot of stress surrounding money at home. In the United States, the National Foundation for Credit Counseling (NFCC) even recommends that couples give each other the gift of financial openness for Valentine’s Day. The organization recommends the following dos and don’ts for couples:
-Do be honest about your current financial situation. If things have gone south, continuing the same lifestyle that was possible before the loss of income is simply unrealistic.
-Do be open to changing your lifestyle. If spending cutbacks or second jobs are necessary, resist whining. It’s likely that your situation will be temporary.
-Don’t approach the subject in the heat of battle. Instead, set aside a time that is convenient for both parties.
-Do acknowledge that one may be a saver and one a spender, understanding that there are benefits to both and agreeing to learn from each other’s tendencies.
-Don’t hide income or debt. This is known as financial infidelity. Instead, bring financial documents, including a recent credit report, pay stubs, bank statements, insurance policies, debts and investments to the table.
-Don’t point the finger of blame. That’s a real conversation stopper.
-Do discuss any legal documents you need to establish or change, such as a will.
-Do construct a joint budget that includes savings. In tough times when every cent counts, savings are even more critical.
-Do decide which person will be responsible for paying the monthly bills. It is likely that one person will be a good fit for this task, while the other finds it burdensome.
-Do allow each person to have independence by setting aside money to be spent at his or her discretion.
-Do decide upon short-term and long-term goals.
-Do talk about loaning money to family members and friends.
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