If you and your Significant Other can balance your marriage and money management, you are following a good path.
Read these great tips on sharing your financial issues to help you to make your marriage into a success.
Money is one of the Credit: Image: kongsky / FreeDigitalPhotos.netmost common causes of marital disputes. Couples often fight over spending habits, accumulated debts (either from before or during the marriage), and other issues.
However, although financial issues can impact the stability of a marriage, money (or the lack of it) is rarely the culprit. There are plenty of happy poor couples as well as grumpy rich ones. Money becomes the scapegoat when miscommunication is a bigger problem. Not understanding your partner’s fiscal attitudes and actions has serious repercussions.
Before you propose, make sure you and your Significant Other have spoken about the following. And, if you have children or grandchildren of marriageable age, make sure that they are discussing the following on their dates:
Assets and liabilities
Determine where you stand financially and where you would like to go. Discuss whether you’ll be a one, two, or even three-income family. Talk about your saving goals, your dreams, your donations, vacations, house, etc. If relevant, the conversation should include a discussion of how to pay off pre-existing debt, and how to avoid similar problems in the future.
Talk about your relationship with money. Attitudes towards money are deeply ingrained from our childhood experiences. Do you want to pass along to your children the same experiences? Understanding your partner’s past provides insight into understanding your joint future.
Discuss how you intend to handle money together as a couple. Are you comfortable with overdraft, or, do you need a safety cushion in the bank account in order to feel secure? Remember that as marriage is about compromise, the best solution is not having one partner choose a path, but to develop an approach for successful money management as a couple. Discuss who will pay the bills, do the shopping, and balance the checkbook.
Both spouses have a responsibility to participate in the family’s financial picture. Make sure there are no surprises. Sometimes it seems as if the “power of the purse” is the power to break up what may otherwise be a happy marriage.
Money cannot buy happiness, but a successful marriage must include open, frank conversations about money.
For more information on how this can work, read, Marriage and Money Problems Don’t Need to Go Together.
Disclaimer: This article is for educational purposes and is not a substitute for investment advice that takes into account each individual’s special position and needs. Past performance is no guarantee of future returns.