Talk About Money Before You Marry
In the quest to find Mr. or Ms. Right, finding out if the object of your affection is a saver or a spender may seem rather cold and calculated. But money, and the way it is handled, has a significant effect on relationships and talking about it before the nuptials can make a difference in the success of a marriage.
Fairfax, VA – May 21, 2007 – In the quest to find Mr. or Ms. Right, finding out if the object of your affection is a saver or a spender may seem rather cold and calculated. But money, and the way it is handled, has a significant effect on relationships and talking about it before the nuptials can make a difference in the success of a marriage.
“Couples planning their wedding and their future should be sure to have a talk about money before the big day,” said David Jones, president, Association of Independent Consumer Credit Counseling Agencies. “This is the time for the couple to come clean about their financial past and plan how money issues will be handled in the marriage.”
To help initiate the conversation, AICCCA offers these tips for couples:
- Begin at the beginning. Look at each other’s financial assets and liabilities and determine how much each other earns, saves and owes. This is where couples should discover if they are marrying a spender or a saver.
- Look at each other’s credit report and score. This will be a perfect time to make sure your reports are accurate and to clean up any errors before you make any major purchases together. If either of you have had financial problems in the past, this is the time to talk about it.
- Decide how financial duties will be divided. Paying bills, balancing the bank accounts and filing annual income tax returns are basics that must be done. Depending on the decisions you make with regard to joint and/or individual accounts, determine who will be responsible for what.
- Make talking about your finances a priority. Regular discussions about money will allow you both to know where you stand financially. This is especially important if one partner is mainly responsible for the financial duties. Annually (at least) review all aspects of your financial life.
- Target and update your money goals. Find out about each other’s career and personal goals and expectations. Discuss how you plan to accomplish your hopes and dreams for the future financially.