CHICAGO, Feb. 12 /PRNewswire-USNewswire/ -- It won't add to the romance but having an honest conversation about money upfront in a relationship just might make it last. Considering the stress of today's economy on relationships, the Illinois CPA Society suggests having a Valentine's Day money talk and offers these ideas for getting started:
- Be Honest and Upfront -- Let each other know what you're bringing to the relationship; list everything financial, both positive and negative - outstanding student loans, car loans, number of credit cards and the amount owed on each of them, 401K plans or investments, insurance, outstanding medical bills and family commitments, like parent or child support.
- Ask Questions -- You shouldn't be afraid to talk about money. Don't know what your significant other's credit rating is or the longest they've held a job? Ask them; it's better to know now, not later.
- Compare Attitudes -- Compare your attitudes about money. Find out who cuts coupons and who's more likely to make impulse purchases, and what each of you considers necessities - premium cable or high priced hair cuts? Describe your spending habits and financial condition in a few words. Discuss current details like whether you have a budget and stick to it, as well as your long term financial and career goals.
- Stay Calm -- Don't criticize or blame each other if you find you're off to a rough start. Figure out a way to solve any problems and remember you have a fresh start together. Develop a finance plan for your future and follow it. If you need help consider working with a CPA.
About the Illinois CPA Society
The Illinois CPA Society, founded in 1903, is the fifth largest state CPA society in the nation, with approximately 24,000 members. It is the premier professional organization that represents CPAs in Illinois. During its over 100 years of existence, the Society has advanced the highest ethical and financial standards of the profession, and has been a leader in educating the public on financial issues.
SOURCE Illinois CPA Society
