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Talk About Financial Management BEFORE the Wedding

We’ve offered many topics about the wedding and all the “fun” stuff that goes with it. Occasionally, it’s important to address those “less attractive” topics, such as marriage and finances.

We budget our wedding – personalize wedding favors, purchase bridesmaid and groomsmen gifts, budget for bridal apparel and the honeymoon – yet rarely does the couple address the day to day finances after the marriage.

Conflicts over money are the number one problem reported by married couples.

Choose Who Will Manage the Finances
Decide which partner should handle the day-to-day financial affairs. It is common for one spouse to have a good aptitude for money management and organization, while the other spouse does not. It is important to recognize which one has the better skills, and let them keep track of the finances on a daily basis. This would include paying the bills, reconciling the bank statements, and working within a budget or spending plan.

There should always be open communication between both spouses on all financial matters. This is a key point that many couples miss and actually one of the most difficult. To admit that you’re not good at managing your money can be a major hurtle – for both – yet the beginning of a healthy marriage.

Share Accounts
Putting your money in joint accounts is the best arrangement in most cases, and by having joint accounts with the right of survivorship, there are other benefits as well. In the event of a death of one spouse, the ownership will pass directly to the surviving spouse, without having to go through probate and the cost, time, and public record required for probate. So, it is a good idea to have a joint owner or beneficiary on every account.

Work Up a Budget
Working up a budget, or a spending plan, is a very necessary part of financial management. Too many of us have no idea how much we spend each month, compared to how much we earn in income each month. Remember, we’re now paying for additional groceries, dry cleaning and other incidentals.

The trouble begins when we run up credit card debt, and other debts that our income cannot pay for. By using a budget or spending plan, this will help make sure that you are not going to spend more than you make, and will help you achieve financial success, and create the ability to save for things you want in the future.

Couples must work together in managing their finances in an open, committed relationship so that the two become one.

One Comment on “Talk About Financial Management BEFORE the Wedding”

• Amy November 4th, 2008 8:00 pm

  I am getting married in June of 2009, and it is great to find a site that has something for both of us to share, and that is your blog on Finances. This helps us, and it was great to read about important things we need to know, for our future as well. Thank you, for sharing this wealth of information!!

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