Tying the Financial Knot

Combining finances can be very helpful for a new couple, but it can also be very stressful. Money is one of the top areas that create stress and disagreements in a marriage. Everyone has different priorities and values pertaining to money, so it is easy to see why money can be a hot button issue.

Plan Ahead

The good news is that you can alleviate most of the problems with some planning. This means taking the time to talk about financial issues before getting married if possible. While you may currently maintain separate accounts, realize that it is important to think about what you're going to do in terms of bank accounts, saving money, paying off debt, and getting insurance before you're overwhelmed with all of these important decisions after you've tied the knot.

Communication is Important

While planning out your financial roadmap is important, maintaining an open and honest line of communication with your spouse is vital. One of the most damaging things you can do in a marriage is to hide and lie about money issues. Eventually, the truth will surface, and it will create an incredibly stressful and possibly harmful situation. If you are bringing debt into the relationship, be open about it. If you place importance on saving for retirement above all else, let that be known. The more open you are regarding your values and money situation, the less likely a problem will arise out of nowhere.

Additional reading:

• Marriage and Money - Planning Your New Financial Life Together
• How to Have an Affordable Wedding
• Joint or Separate Checking Accounts