Post Content

1111

A 2017 report conducted by investing app Acorns found that 68% of the 3,010 respondents said they’d rather tell their partner their weight than the amount of money in their savings account. But when talking about finances, it’s important to have regular talks about money, lifestyles, savings habits, and retirement goals with your significant other to avoid problems down the road.

If starting the conversation seems ‘too soon’, you can start small. Forbes offers a loose financial talks timeline of when to start delving into your financial compatibility in a relationship. A quick guideline is that the level of seriousness in the relationship equals the level of depth of your money talks.

Most experts suggest partners discuss:

  • How much money each makes
  • How much debt each owes and what the other’s credit score is
  • Individual spending and savings habits
  • Whether you want joint or separate bank accounts
  • Future goals such as homeownership, travel opportunities, and when you’d like to retire

Talking about finances openly and frequently can help make achieving long-term goals possible. This week is America Saves week, and we encourage consumers to look at the America Saves blog for tools to help you save smarter.

For more information and tips that can help you save money, visit the Division of Banks Consumer Money Matters website. From tips for choosing a bank or credit union that is right for you to preparing for home ownership, the DOB has information and resources to help you plan your financial future.

If you have additional questions, contact the Office of Consumer Affairs and Business Regulation by calling our Consumer Hotline at (617) 973-8787, or toll-free in MA at (888) 283-3757, Monday through Friday, from 9 am-4:30 pm. Follow the Office on Facebook and Twitter, @Mass_Consumer. The Baker-Polito Administration’s Office of Consumer Affairs and Business Regulation along with its five agencies work together to achieve two goals: to protect and empower consumers through advocacy and education, and to ensure a fair playing field for Massachusetts businesses. The Office also oversees the state’s vehicular and customized wheelchair Lemon Laws and Arbitration Programs, Data Breach reporting, Home Improvement Contractor Programs and the MA Do Not Call Registry.

Written By:

Tags: , , , , , , , , , , , , , , ,

Recent Posts

Getting into the Cracks: the Role of a Home Inspector posted on May 14

Getting into the Cracks: the Role of a Home Inspector

A home inspection is the visual examination of the physical structure and major interior systems of a residential dwelling (up to four units). While home inspections are not a guarantee that there are no problems with your home and they are not intended to provide   …Continue Reading Getting into the Cracks: the Role of a Home Inspector

Getting Real About Real Estate Agents—Buying a Home posted on May 13

Getting Real About Real Estate Agents—Buying a Home

Whether you’re buying, selling or renting, working with a quality real estate agent is extremely important to ensure a smooth process. When buying a home, consumers should: Know the difference between a real estate broker and a real estate salesperson: A real estate broker negotiates   …Continue Reading Getting Real About Real Estate Agents—Buying a Home

Getting Real About Real Estate Agents—Selling a Home posted on May 10

Getting Real About Real Estate Agents—Selling a Home

Whether you’re buying, selling or renting, working with a quality real estate agent is extremely important to ensure a smooth process. When selling a home, consumers should: Know the difference between a real estate broker and a real estate salesperson: A real estate broker negotiates   …Continue Reading Getting Real About Real Estate Agents—Selling a Home