Is money the root of all evil?
If so, than even more so in relationships. Especially with statistics stating that the highest percentage of marriage failures are due to finance issues. So when do you talk about it because the conversation could be a mix of the good, the bad, and some ugly.
When is a good time to open this can of worms? I would say not the first date, but after you have had the talk of exclusivity in your relationship up until the point before you actual move in with one another. That is the time frame. After the exclusivity talk, you would at least know where your potential partner works and resides. That is the first step and the basics if this is not information that you haven’t already found out while you were dating. In my opinion, this is the time in your relationship you should be aware but not going through the credit score of the person you’re seeing.
The flow of conversation about finances at the point of six months, but absolutely before moving in with one another, should be light, open and casual. Now before moving in that’s when the talk needs to change slightly and be brought up in all seriousness. Signing a lease or buying a home ties both of your credit together till you part, either peacefully or not. Also both your credit scores will be looked at when evaluating the potential places you’ll live and reside. So to avoid any issues at the rental office or with a relator, the time to have a serious talk about finances is before moving in. You both have to be open about past and current debt, bills, student loans and your credit score. With that open conversation, you can decide the next step. If you or your partner have bad credit or some finances that need to be worked on, that is the time to discuss it. If you don’t hide it, together you’re likely to find a solution you both can handle. Maybe only one of you would be the main person on the lease or together look into credit solution and debt management programs so that you and/or your partner can get financially secure.
If you both have decent credit and finances, well at least now you know what your working with and can budget your shared life together. Don’t get me wrong if you both have bad credit or one does you can still budget for your life together but at least you know what cards you can play and what you may have to hold out on. I agree strongly with having the big money, spending, credit and budget talk when moving in with a partner because for most people moving in with someone is that step toward eventually getting married and you should be aware of how your partner handles their money and debt before it goes from theirs, to ours. You are no longer just yourself, you become one financially too. Taxes, banks and joint accounts usually follow around the time of “I do.” You need to be able to talk about whats happening in your bank account when the creditors call.