AUSTIN (KXAN) — This Valentine’s Day, it might be time to have the big talk. About finances that is.
Brian Pearson from the American Benefits Exchange, joined us in the KXAN in studio to discuss tips on how to approach this tough, but necessary conversation.
According to Pearson, 43-percent of spouses don’t know what the other spouse earns. Many avoid discussing how much they earn or how much debt they have out of fear of feeling inferior.
Pearson believes discussing finances is vital for couples making financial plans.
“How do you start a financial plan, how do you build a budget, if you don’t even know what your income, what your revenue is?” Pearson said.
Apart from speaking honestly, Pearson urges couples to create a strong savings account.
“Savings is a key because a lot of people, too, don’t understand that having a strong savings account is a crucial part to any solid financial plan,” said Pearson.
So when should you have this conversation? Pearson says the sooner the better.
“This is a great subject going into Valentine’s Day weekend,” said Pearson. “Getting closer to your significant other and having that financial conversation.”