One of the happiest moments in your life is when you say “I Do” to the person you want to spend the rest of your life with. But, things can turn ugly really fast when the wedding and honeymoon is over and you are trying to figure out your finances. Seems that old saying, money is the root of all evil, really can be true if you don’t know how to figure out between the two of you what to do with your finances.
A couple needs to sit down, and decide what they want out of life and their relationship. Decide who is going to take charge of doing the bills and keeping track of the household financials. This really does need to be something that is done together, but like in my home since my husband works many hours and I am at home I do the finances. But, I tell him what is paid, due, owed, when and how much. Keeping the lines of communication open helps stop fights over money, or lack of.
Talk about your financial goals. Like, do you want to save to buy your dream house? Maybe you want to live debt free and save for everything you wish to purchase in the years to come ? Who is going to work, who will stay home, raise kids, etc. Lot’s to discuss to stop future disagreements.
Another thing to discuss will be if you will have a shared bank account, or separate. Sometimes if both people work and have assets and careers they brought to the marriage then keeping things separate works best. But, again just one of those things that needs to be decided to avoid hurt feelings or arguments later. This way you know how much each of you will contribute to household bills and such.
How to talk about money with your spouse is something that might not be easy, but is for sure the first thing you need to get out of the way when you are in a new relationship.
Inspired by Genworth Financial.