How to talk about finances with your partner
PITTSBURGH (KDKA) -- More and more surveys show that the number one thing couples fight over is money.
It can be a very stressful conversation, so confronting it now might make Valentine's Day a bit more enjoyable.
KDKA's John Shumway checked in with a financial expert for some advice on the topic.
It all has to start with a conversation, which might be easier said than done.
Angst is never good for a relationship, especially if you can't talk about it.
"Bankrate did some surveys and they found out that over 40% of couples are keeping financial secrets," said Brian Preston, CPA and founder of MoneyGuy.com
Preston says that according to the survey, 23% of couples are hiding secret debts.
"I mean that's straight up infidelity and that's the opposite of good communication which is so important in a healthy relationship," Preston said.
Without placing blame, Preston says that couples should sit down and put finances together, discussing who owns what and who owes what, and then together, make a plan.
"Then you can pay off the smallest debt first," Preston said. "If you're a person that is more about saving as much interest as possible so you're not paying back to the banks, you can do the Debt Avalanche where you actually start paying the highest interest rate first."
Preston says that progress only comes from action.
"Cut back on the expenses and attack the debt so you can own your life that much sooner," Preston said.
Without the money anvil hanging over your head, Preston says it will allow you to take time to focus on the relationship and make memories because they blossom over time.
Preston points out that two of out of five divorces have some component of finances involved.
