From tackling over $600,000 in debt to combatting overspending, self-made millionaire Ramit Sethi helps couples navigate a variety of financial challenges on his "I Will Teach You to be Rich" podcast.

However, there's a common mistake he sees couples make when it comes to managing their money.

"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."

And if one person is responsible for making all of the money choices, the other may feel disempowered in the relationship as well, he says. In fact, around 25% of partners resent being left out of financial decisions, according to a 2024 study from Fidelity Investments.

Here's Sethi's advice for how couples can successfully manage their money together.

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 make a change, Sethi says. "The person who's the 'money person' has to take on the responsibility of gently recalibrating the relationship."  

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.

"What you want are clear lines of responsibility and clear lines of ownership," Sethi says. "People respond well to ownership and want to play a role in the finances."

Additionally, if you're the "money person," don't overuse financial terms like "compound interest" or "tax-advantaged accounts" that your partner may not understand.

"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."

How to start talking about money

Reviewing household bills may not sound like the most romantic date night. However, it's important for couples to talk openly about money to ensure their financial goals are aligned, Sethi says.

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."

Instead of pointing fingers, reframe the conversation to be about how the two of you can work together to create a strategy to tackle the credit card debt.

"It's about having a connected conversation about money," he says. "You're going to talk about money together for the rest of your life, so you better find a way to make it fun."

Talking to your partner about money doesn't have to be a downer. Instead, you can think of it as a chance to reimagine a better financial future.

"When we talk about money in a relationship, the unspoken assumption is that there's a problem," Sethi says. "But more often than not, there's an opportunity to create a rich life and discuss what that would look like."

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