Cloud Nine - Don't Escape Money Issues, Embrace Them

Money Matters

Nearly every relationship expert (and married person) will tell you the same thing: money matters. It doesn't matter how much you and your honey love each other, if one of you is a spendthrift and the other a penny pincher, there is bound to be a problem. Before you get married or shortly after saying I do sit down with your mate and talk money. We are generally raised that it's rude to talk-and ask-about money matters now it's time to re-train yourself. Realize that you are now lifelong partners, and partnership requires a plan.

Decide early on how much monthly income you will save, how much is needed to pay down bills, and how much can be placed in a slush fund. Do you have retirement accounts? 401k plans or Roth IRAs? If not, you should discuss starting one. If so, how much will you contribute annually? Discuss whether you will be opening a joint account, and if so, who is responsible for bill tracking and paying. If not, how will you divvy up payments? Set parameters on spending: how much can the other spend before giving a heads up-or asking permission (some couples go with the "it takes two to make a yes" approach)? Whether the limit is $20, $100 or $1,000 doesn't matter. Agreeing on it and sticking to it does.

Talk about the future and how you both envision it, if one of you sees a two story house with a white picket fence and a chocolate lab in the next few years and the other pictures a fixer-upper condo until you're on your feet, take note. Figure out your financial reality and set benchmarks to reach where you both hope to be in 5, 10, 20 years. Discuss how fast you will save and develop a plan to reach financial goals together. All that matters is that you are on the same page and are open and honest with each other.

If you have debt, don't spring it on your hubby post-nuptials. You can figure out how to pay it together. Likewise with poor credit; developing a plan to increase your score is important, since his credit will be linked to yours. And don't wait for him to tell you about his financial viability either-go ahead and ask him (nicely) so you can figure life out together, side by side, as you promised to. That way you can avoid the headache of financial woes, awkward conversations, and post-wedding blues.

Photo courtesy of The Memory Journalists