WSJ - When Times Get Tough, Talk It Out
Below is excerpted from a great piece by Ruth Mantell on the importance of communication during a financial crisis. Head to the Wall Street Journal to see more tips from Ruth:
Almost one in three couples say finances cause the most stress in their relationship, and 91% of Americans surveyed find reasons to avoid talking about money with their partner, according to a recent American Express Spending & Saving Tracker.
In fact, people say "they are more likely to know their partner's weight than their salary," according to the May online survey of 2,008 adults conducted by American Express.
But in tough times, communication is important for couples to overcome sudden financial strife, such as a job loss, experts say. "If you are the spouse that has more of a handle on the finances, don't take it for granted that the other spouse knows these things," says Robert Schmansky, a certified financial planner... "Over-communication is better than under-communication."