Before You Get Married: The Money Talk - Dollar Stretcher Guest Bloggers
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Before You Get Married: The Money Talk

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 finance, money, frugality, saving, investing, college, kids as well as many others. Check out the archives page to see an overview of their articles.

The Dollar Stretcher brings you guest bloggers to provide you with the widest variety of ideas to help you survive tough economic times.

 

Comments

 

Topics about Go-greener » Blog Archive » Before You Get Married: The Money Talk said:

Pingback from  Topics about Go-greener  &raquo; Blog Archive   &raquo; Before You Get Married: The Money Talk

April 22, 2009 5:35 AM
 

Cynthia said:

Great post! Really good insight. It’s always difficult to discuss finances and share money in relationships. Thanks for your advice. I recently stumbled upon this blog like I stumbled upon yours. I think they offer some good points and laughter about the topic: burisonthecouch.wordpress.com/.../dolla-dolla-bill-yall

Thanks for the post! I’d like to see more like it.

October 28, 2010 4:42 PM
 

Discuss finances in long-term relationships | Atlanta Bargain Hunter said:

Pingback from  Discuss finances in long-term relationships | Atlanta Bargain Hunter

February 8, 2011 5:01 AM
 

Relationships » Blog Archive » Discuss finances in long-term relationships | Atlanta Bargain Hunter said:

Pingback from  Relationships  &raquo; Blog Archive   &raquo; Discuss finances in long-term relationships | Atlanta Bargain Hunter

February 8, 2011 12:42 PM

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About Gary

For more than 25 years, Gary Foreman has worked to manage money effectively. Prior to starting The Dollar Stretcher, he was a financial planner and purchasing manager. While helping clients manage their hard earned money as a financial planner, he applied commonsense, time-tested techniques during the turbulent 1980’s. The experience convinced him that you didn’t need to hit the lottery to accumulate significant wealth. Following that, Gary had an opportunity to learn more about how to get the best value for a dollar spent in the corporate world. As the Purchasing Manager for a computer manufacturer, he was responsible for supervising over $10 million in annual purchases. Gary began The Dollar Stretcher website <www.TheDollarStretcher.com> and newsletters in April 1996. Over 300,000 readers benefit from the time and money saving ideas presented in The Dollar Stretcher newsletters each week. His mission is to help people "Live Better for Less". He also provides private label newsletters for companies wishing to provide money saving information for their clients and/or prospects. Gary lives in Florida along with his wife of thirty years and their two children. Much of his time is spent working with the men's ministry of his church. One of their ongoing projects is the "Holy Smoke BBQ" which sells bbq on Friday nights with the profits going to support local foster kids and orphans. When he has a free moment you’ll find him restoring a Checker station wagon nicknamed “Two Ton” or cruising in a '65 Impala SS Convertible with doo-wops playing in the background.

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