We’re in the middle of wedding season and during this time there’s a lot of advice that couples receive ahead of their big day. While never going to bed angry and learning to compromise are certainly aspects that may help the marriage last, we believe that one word should be at the foundation of every loving union: Communication.
Communicating is important for many aspects of a relationship, more specifically, communicating about money is an important item to address ahead of any union. When you marry another person you don’t just marry them, you marry their finances as well.
Tip: Always communicate. Talking as a couple about your financials can be uncomfortable at first, but it should really begin before the ceremony. It’s crucial to get a sense of where each of you stand. Topics to get you started include:
- Goals – Where do you see yourself financially in 5-10 years? Are children, homeownership, vacations, etc. in the picture?
- Debts – “What’s mine is yours” is real for credit scores and debt too.
- Savings – Do you and your partner have any? If not, how do you plan to establish savings for surprise expenses?
Once you and your significant other have a few open and honest conversations, about these core elements, you’ll not only have a better picture of the person you’re about to marry, but your marriage will benefit from having an honest and solid foundation as well. Once married, set up meetings with an advisor on a regular basis so that you both stay on track with your mutual goals.