No one needs to know you started pinning ideas for the wedding after your
second date. Planning is a good thing!
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Although money matters aren't nearly as fun as picking out the theme, the
colors, the cake flavor or the wedding gown, discussing your philosophies on
budgeting is just as important as anything else you plan for your married life
ahead. An alarming number of couples eventually break up over money. (Don't be
one of them!)
It doesn't have to be boring. On your next date night, make plans to meet
somewhere new—a rooftop, the lake, the new lounge downtown—but take some time
to hear what your significant other has to say about money. If you're not sure
about your Primary and Secondary Money Personalities, take ten minutes and find
out with our free, scientific Money Personality Quiz.
Lovebirds; before you say ‘I do’, remember to talk about the money.
Money matters. Don't let any one tell you different. You could set yourself
up for major pitfall by not taking the time to talk about money issues before
walking down the aisle.
Here are some questions to discuss with your partner
If you can live off less and save more, you can
achieve bigger goals. Seeing how your partner budgets is essential to your
financial health as an a couple. Start out by budgeting something small
together, like a vacation months in advance. Or maybe plan the trip as a reward
for monitoring monthly expenses, growth of savings, and prompt bill payments.
To Join or Not to Join Credit?
Couples should talk about whether they prefer
joint credit card accounts or to retain their individual ones. Its also an
option for each of you to have a separate account and a joint account for joint
ventures such as vacations, saving for children’s college, a new home, etc.
Note, when joining accounts beware of balance transfer fees.
What are Their Future Money Goals?
As a couple, adhering to your
future financial goals will affect your present actions. If as a couple you are
looking to save money, you might cut back on certain expenses such as excess
dining out and other recreational activities, in favor of more home-based or
free activities. Experts recommend that couples save at least three to six
months’ living expenses as a buffer in case of any emergency such as job loss,
illness or family emergency.
How Much Do They Owe?
We all know debt comes from a variety of
places, so it’s feasible that your new partner will have racked up some along
the way. Once you know the ins and outs of your partners’ debt, it is up to you
to make a decision of whether or not to keep separate credit cards and credit
card histories or merge them. Many advisors will advise against joining
accounts.
If there are questions that you still haven’t asked or answers that your
still searching for, don’t hesitate to sit down in front of your financial
advisor with your partner. Practicing honest and open communication before your
wedding day will only fine-tune the skills for when you two are actually
married. Just think of it as good practice.
