Don’t let finances derail your marriage. Here are tips to keep couples happy in love and money:
Talk money first, before saying “I do.” Communicate – Talking about finances – including debt – is a must as communication is the key to most marital financial challenges.
Debt – One partner may have more debt than the other, or worse yet one partner may be debt free. This can cause resentment and argument over who is responsible for paying down the debt.
Personality – It’s important to understand who the spender is who is the saver. Understanding money habits and talking about them is important for a healthy relationship.
The Bread Winner – When one partner works and the other does not or when one earns considerably more, the money earner often dictates the spending priorities.
Children – Today, it costs on average nearly $300,000 to raise a child to age 18. As a result, arguments can arise on whether or not couples want to have children.
Delegate – Nothing builds resentment faster than being made to feel inferior. One idea is for the higher-earning spouse to delegate all spending decisions to the lower-earning spouse – giving both financial responsibility and building that financial value of marriage.
Smarter Ways to Spend Wedding Day Cash:
Pay Off Debt
Invest in Your Future
Establish an Emergency Fund
Save for Retirement