Newlyweds commonly deal with considerable stress getting to their wedding day consequently many do not want to add any additional tension by discussing the sensitive topic of money and household finances. Yet marriage involves merging lives, money, and goals therefore this sensitive topic should be addressed prior to exchanging wedding vows. But many engaged couples fail to discuss their individual financial views prior to marriage and in many cases it can be a rude awakening if they discover their new spouse has opposing views on money and financial matters. Unfortunately, most experts agree money issues are the leading cause of divorce and sadly divorce statistics verify this opinion.
Before taking the serious step into marriage, couples should discuss money, each one’s view of money, and future goals dependent on money. There are several issues which should be addressed prior to marriage and each partner needs be open and honest when discussing these. Typically, these should cover his or her current debts, credit score, future money plans, goals, and overall views of money. An honest discussion will reveal any potential red flags such as not paying bills in a timely manner, making large purchases on payday rather than setting some money aside for emergencies or the future and if money is just viewed as a means to pay bills and enjoy life rather than reaching goals.
After honestly and calmly discussing these money matters, a mutual plan and household budget should be prepared. This plan should include how their money will be pooled, how the bills will be paid, and future goals such as saving for emergencies, purchasing a home, vacations and retirement. If each partner is actively involved in preparing the budget, making spending decisions, and planning for the future, money issues after marriage should be lessened allowing the couple to have a good money foundation on which to build. Establishing a good money foundation will be one of the first steps toward achieving a successful marriage.
Submitted by Kathryn Shrader