Ten Tips How to Talk to Your Honey About Money - Part 2

By Syble Solomon

The Big Day is coming up! As you prepare for your wedding, take the time to do something that will help you prepare for your future life together. It may not sound romantic, but sit down and have a good talk about money. Couples who communicate effectively about money can usually communicate about anything!

Did you know that money issues in a marriage are inevitable? Money has consistently been named the number one cause of conflict in marriages whether couples said they were happy and satisfied with their marriages or not and whether they stayed married or got divorced.

 

Since money problems are predictable, be proactive and get talking before you walk down the aisle. The more you understand each other's habits and attitudes about money, the fewer misunder-standings you will have in the future. In fact, your ability to talk about money and manage it is the best predictor of a solid marriage!

Here is the second half of ten tips to help you get started.

6. Face your fear. What is your biggest fear about money? If you can, share the story of what caused that fear.

7. Share the past. How would you describe your financial past? Do you have a history of saving, investing or going into debt? Have you ever declared bankruptcy or had major credit card debt? Did you save up for big ticket items or pay them off over time? Are you used to buying the best and newest clothes, electronics, cars, etc and how have you paid for them? Have you significantly changed anything about the way you manage money now than you did in the past? What caused the change? How much debt do you currently have?

8. Clarify expectations. What would it take for each of you to feel financially secure? How much money does it take for each of you to feel independent and meet your needs? How do you both feel about giving to your church, charities or to help friends and family members? How much debt are each of you comfortable having month-to-month? How do you each use credit cards? What lifestyle do both of you project having in five years? Would it help to discuss a pre-nuptial agreement if either or both of you have assets, financial concerns, children from previous marriages or other financial responsibilities?

9. Talk money. How much do each of you earn and how much is deducted for retirement and taxes? Are there investments, bank accounts, bonds and other financial assets? What do each of you own and owe? What financial obligations do you each have?

10. Have a system. How will you manage money as a couple? Who will take responsibility to pay bills, stay knowledgeable about investments and monitor the general flow of money? Agree that both of you will stay informed. Will you merge all your money and have everything in joint accounts, keep everything separate or a combination of both? Will expenses be split 50/50 or by the percent of what each person earns? What if one person is not working-will that person have his or her own discretionary money? How much will you spend without talking to each other first?

Did you notice that only #9 actually talks about numbers and personal finances? Communicating about money really means communicating about life experiences and values. It builds trust, openness and honesty-a great foundation for a long, successful marriage!

Yesterday was Tips #1 through #5.
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