A self-made millionaire warns of a common mistake couples often make with money that can be dangerous.

Ramit Sethi assists couples in managing their finances on his "I Will Teach You to be Rich" podcast, which includes tackling over $600,000 in debt and overspending.

He observes a common error that couples commit when managing their finances.

"If one partner holds all the financial knowledge, it can be risky for the relationship if that person is unable to contribute equally."

If one person is responsible for making all of the money choices, the other may feel disempowered in the relationship, says a 2024 study from Fidelity Investments.

Sethi advises couples on managing their money together successfully.

What to do if you're the 'money person' in your relationship

If you're the "money person" in your relationship, you might want to consider taking on the responsibility of gently recalibrating the relationship, Sethi suggests.

To start managing financial responsibilities together, we can assign specific spending categories to each person. For instance, one person can be responsible for keeping grocery expenses within a certain limit, while another can manage insurance bills.

"Sethi emphasizes the importance of clearly defined responsibilities and ownership in motivating individuals to contribute to the financial aspects of a project."

Original sentence: "I'm the money person in our relationship, so I handle all the financial decisions and make sure we're saving for the future." Rewritten sentence: "I'm responsible for managing our finances and making sure we're saving for the future."

"Often, one partner may not fully understand those things," he remarks. "It's important to meet people where they are."

How to start talking about money

Discussing household bills may not seem like the most exciting date night activity. Nevertheless, it's crucial for couples to have open conversations about money to align their financial goals, according to Sethi.

Avoid blaming one partner for every money problem, as it can lead to defensiveness, Sethi advises. Instead of accusing your partner of overspending at Target and having high credit card debt, try to have an open and honest conversation about your financial situation together.

Instead of blaming each other for the credit card debt, let's work together to develop a strategy to tackle it.

"Having a connected conversation about money is important," he emphasizes. "Since you'll be discussing money together for the rest of your life, it's crucial to find a way to make it enjoyable."

Discussing money with your partner doesn't have to be negative. Instead, it can be an opportunity to envision a brighter financial future.

"Sethi argues that when discussing money in relationships, the assumption is that there is a problem, but in reality, there is an opportunity to create a prosperous life and discuss what that would entail."

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