True or False? I Don’t Need to Understand Money, My Partner Does

Surveys find that in over half of couples one person takes the lead in making long term financial decisions and doing the day to day work of managing their finances. And that’s the basis for this week’s myth: “I don’t need to know about our finances, my spouse/partner handles that.”

If you happen to be the “money person” in your relationship you shouldn’t take it all on yourself, even if that feels like you’re helping. And if your partner is the “money person” you shouldn’t just ignore your finances completely.

At minimum, you and your partner should discuss your long term and near term goals and make sure you’re on the same page with how you’ll accomplish those financially. That means retirement contributions, saving for vacations or buying a home, and even boring day to day stuff like grocery shopping and paying household bills. Survey after survey finds that money is the leading cause of stress and friction in relationships. One person handling it all is fine if it works for both of you. But only one person knowing about it and making decisions about it usually isn’t. We’ve got a short video with 4 tips on how to effectively talk about money with your partner here.