You found that perfect person. Now
you are getting married! Sharing your life with someone is a wonderful, intimate
experience. But are you intimate enough? Have you had the money talk?
Money talk? Yes, money
talk. Have you sat with your spouse-to-be and have a serious talk about our finances?
Here are items to discuss in your money
talk:
Credit Card Debt - Let your partner know where you stand
with your credit card debt. Don’t be embarrassed. You’re going to share your lives
together and this includes your debt as well. It’s better to get this out in
the open now.
What Credit Cards You Have - Discuss what credit accounts
you both have open. You may find that you have way too much credit between the
two of you. This also helps to improve trust in that you don’t have any secret
credit cards the other doesn’t know about.
Student Loans - Your partner has a right now they are
possibly marrying into tens of thousands of dollars in student loans debt.
Past Money Problems - Talk about past issues you’ve had
with money. It’s ok that you’ve had bad money experiences. Talking about your
past money issues will help your future spouse understand your emotions about
money.
Bills You Currently Pay - Show each other a list of
everything you currently pay. Again you should both get an idea of what bills
are coming into the relationship. You may be able to eliminate a lot or combine
some (like cell phone accounts).
How and Where You Save/Your Checking - Disclose your savings
and checking accounts and your current savings plans. Discuss how you want to
handle these once you are married. Put together a plan for both of you to
save. Will you keep separate accounts? Will you combine them? Talk about it!
Retirement Saving - What type of accounts to you save for
retirement in? Get the paperwork prepared to add each other as beneficiaries on
each other’s accounts. Talk about how you both feel about retirement and how
you will save for it.
How Will You Handle Spending - Do you want to come home one
day and find a huge flat screen TV? Maybe you do but its got to be paid for
doesn’t it? Discuss how you will handle purchases. Put together a plan for how
you will go about purchases and what kind of purchases you’ll both discuss
before making.
Who Pays What - Who will be responsible for what bills?
Where will the money come from? If you have two checking accounts which
account will pay what?
Credit Reports and Scores - Pull your credit report and
credit scores and share them with your partner. This is full disclosure with
your partner about what accounts you have and black marks you have on your
report. It can also be a great surprise in finding out how great your credit
has been!
In order for you to start off right in
your marriage you need to be honest and share yourself.
Keeping secrets about money and finances from your partner is dishonesty. I
think you’ll find that when you talk to your partner you will build up your
trust and this will lead to a greater, more intimate bond between you!
Are you going to let money ruin your
marriage?
Courtesy of "Free From Broke: A personal finance blog for regular folks" <http://freefrombroke.com/> You'll find posts on personal
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