A NerdWallet survey showed 43% of Americans with a significant other have withheld financial information from their partner. As Valentine’s Day approaches, conversing with your partner about money may be uncomfortable but necessary.
“Money is often a leading cause for contention in a relationship. Honesty and transparency about your financial history is as important as knowing one’s health history. When discussing finances with your significant other, start from a place of love. Make it a judgement-free zone and show that you're in this together,” said Shamica Joseph, Learning Experience Designer, GreenPath Financial Wellness. GreenPath Financial Wellness offers these tips for having the talk:
• Open up about your finances, so that your partner is encouraged to reciprocate. Understand your and your partner’s money personality and their approach to spending. Identify some conversation starters to spark a discussion about your financial goals.
• If you plan to jointly purchase a home, determine each other’s debt and credit history before you apply. It’s better that you’re aware of any issues before the lender does.
• Create shared financial goals together such as saving for home improvement or creating an emergency fund. Celebrate milestone accomplishments.
While median wealth among Black households increased by $51,800 between 2019 and 2022, the wealth gap between White households and Black households increased by $49,950, according to the Federal Reserve’s Survey of Consumer Finances. As we examine Black progress during Black History Month, Black households are more likely to have nontraditional income sources, lower rates of homeownership and more collection debt.
“Many BIPOC (Black, Indigenous People of Color) households have goals of purchasing homes, saving for retirement - same goals as any anyone else. Many of the roadblocks they face, like poor credit for example, are often symptoms of a systemic lack of access to financial education and resources,” said Omari Hall, Diversity Strategy Leader, GreenPath Financial Wellness.
GreenPath is working to increase access to financial education and resources for communities of color. In 2023, 21 percent of GreenPath’s LearningLab active users identified as Black. 24 percent of the nonprofit’s 2023 services were provided to Black clients. 15 percent of GreenPath’s staff are bilingual in Spanish. With tools such as Credit Escalator, which combines financial coaching and a low-interest line of credit to help people pay off collection debt, GreenPath is rethinking debt management programs and helping to build BIPOC credit and rebuild BIPOC trust in financial institutions.
February is Financial Aid Awareness Month! Visit studentaid.gov to complete the new 2024-25 FAFSA Form, check FAFSA deadlines for each state and determine how much financial aid you’re eligible to receive. GreenPath outlines Financial Planning Tips for Parents that will help ensure a more secure future for families.
Consejos Financieros Para Padres: Estos consejos de planificación financiera pueden ayudar a garantizar un futuro seguro para usted y su familia.
WEBINAR: “Understanding Your Money Personality” Wednesday, February 28, 2024 at 1:00 – 1:45 PM Eastern Time.
Learn how your money personality and the money personalities of those you share financial decisions and responsibilities with may impact your ability to reach your goals.
Dollars and Sense - A Blueprint for Prioritizing Bills: Here are suggestions on how to pay bills—specifically which payments to prioritize.
Real Stories Ep 47: Jesse Flips his Financial Script: Jesse was unprepared to lose his job. After completing his Debt Management Program, he looks forward to buying a home and being better prepared for a financial emergency.
