Tip of the Month: Marriage & Money

fortpitt in Wealth Management 6 May, 2022

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 there’s so much to be excited about when planning a life together, remember that it’s important that you spend time considering the little details that will make your marriage a success. While financial issues can complicate any relationship, a little forethought will ensure you and your spouse gracefully balance money and marriage throughout your future together.

5 Tips for a Healthy Relationship

At Fort Pitt Capital Group, we know that learning how to share finances in marriage will make life easier for you and your spouse. Here are a few of our tips for navigating finances in marriage.

1. Communicate With Each Other

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 also marry their finances.

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 stands. 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.

2. Develop a Plan to Reach Your Goals

Now that you and your spouse actively communicate with each other to set financial goals, it’s time to create a plan to achieve those results. Your plan should consider the combined income you and your spouse earn, how much money you need for expenses and the amount you can put away each month. Determine a thorough budget for your plan and stick to it.

3. Practice Transparency

Financial communication should continue as you work toward your financial goals, and transparency is essential. You should each be open and honest about any financial decision, especially major purchases. It’s nearly impossible for a couple to enact a purposeful financial strategy without accurate information.

4. Avoid Competition

Spite can drive a wedge in a relationship, especially when money is involved. As a married couple, you and your spouse are a financial team. You each play a critical role in the partnership, regardless of who earns what. After all, the two of you share income and every dollar is for the betterment of your family. Even if life becomes frustrating, always remember that you and your spouse are on the same side.

5. Seek Financial Consultation

Once married, set up meetings with an advisor on a regular basis so that you both stay on track with your mutual goals. The right consultant will help you navigate your joint financial situation and even find opportunities to expand your wealth. Whether it’s handling your taxes, building an investment portfolio, or panning for new expenses, a financial advisor can make a major difference.

Discuss Financial Services With a Fort Pitt Capital Group Advisor

Following each of these tips will help put you and your spouse on the path toward a long, prosperous marriage. The advisors at Fort Pitt have plenty of experience helping new couples plan and achieve their financial goals. We encourage you to view our Individual Services or contact us online to see how you and your spouse will benefit from working with Fort Pitt Capital Group.

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