Love is free, but that’s not how your creditors see it.
When couples open their credit card bills next month and see “they spent what!?” on Valentine’s Day, they may need to talk about their financial values before it leads to heartbreak.
U.S. consumers are expected to spend more than $18 billion on Valentine’s Day with the average per person spend of about $136. That’s down from last year’s average per person spend of $146, according to the National Retail Federation.
“Money is a potential conflict point in a relationship, but it also can be something that draws a couple closer,” Ted Beck, president/CEO of the National Endowment for Financial Education, said. “Couples should talk openly, and often, about money and should understand their partners’ financial values.”
The Denver-based organization said it has developed a research-based, non-commercial consumer quiz that can help couples start the conversation about money.
The Life Values Quiz is a 20-question assessment that helps people identify their values and understand how those values affect the financial decisions they make. This is especially useful for couples, helping them identify how their money values are alike or different, and spotlight the areas they need to work on together, according to the NEFE.
“Whether earning money or spending it, your financial decisions affect your relationship, and you will be the beneficiary—or victim—of your mate’s financial behavior,” Beck explained. “So it’s better to confront and understand your financial compatibility sooner rather than later.”
Though no one can change inherent values, if you know what they are you could be better equipped to negotiate future financial decisions and understand where you can and can’t compromise, he said.
Last year, the NEFE survey of more than 2,000 adults, revealed financial infidelity was a serious problem among couples.
Two in five people who combine finances with their partner or spouse admitted to committing financial deceptions—hiding or lying about purchases, bills, debts, how much they earn, bank accounts and cash, according to the survey.
Couples can take the Life Values Quiz at smartaboutmoney.org/Tools/LifeValues-Quiz.
There are no wrong answers, Beck noted, just different approaches.
