Ramit Sethi helps numerous couples navigate various money problems on his podcast. Here's the most common mistake he sees many make and how to avoid it.
"Often one partner has taken on the role of the 'money person,'" he tells CNBC Make It. "But what happens if that person is hit by a bus? It's dangerous for one partner to hold all the financial knowledge."
The simplest way to begin sharing financial responsibilities is to pick a few spending categories for each person to manage. One person may make sure that the grocery expenses don't go above a certain number, while the other may take charge of insurance bills. "It's often the case that one partner doesn't truly know what those things mean," he says. "You've got to meet people where they are."As you get started, there are a couple of common pitfalls to avoid. First, it's smart to refrain from blaming one partner for every money problem since that can lead to them becoming defensive, Sethi says. "Saying 'you spend too much at Target and have too much credit card debt' won't get you anywhere.
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