Before you say “I do” make sure you understand all the do’s and don’ts that can affect your financial future long after you walk down the aisle. In any relationship, communication is key but when it comes to finances it is even more important. I recently had the pleasure of interviewing the “The Money Couple,” Bethany and Scott Palmer who specialize in teaching couples how to talk about money with one another. They shared lots of valuable tips but here are a few key highlights of what they had to say:
Why is talking about money with your partner an essential part of becoming a Financially Wise Woman?
Money effects every decision we make from the kind of coffee we drink to the cars we buy. Making sure you understand your partner’s approach to money and understanding your differences will pave the way to a better connection, clearer communication and more love!!
What are the reasons why a spouse won’t discuss money?
Two reasons. Fights and Differences. Many money discussions escalate to fights, primarily because you don’t see money through the same lens. Examples of these differences are a Saver married to a Spender or a Security Seeker married to a Risk Taker. Most of us marry our money personality opposite.
When should you begin to get to know your partner financially?
Because money effects just about every discussion we have with our spouse…the sooner the better.
How do you start the conversation?
With defining each other’s Money Personalities. “I found out what my Money Personality was today, I am a Saver and a Security Seeker, do you agree?” The key is to help OPEN the conversation. The key here is to start with yourself. Naturally, your partner will reveal theirs.
What are the questions you must ask before you say I do?
- Do you think joint or separate checking accounts are appropriate in marriage?
- How did your mom and dad spend money?
- How did your mom and dad save money?
- Will we be a dual income family or will one of us stay home with the
- Do you think paying the bills should be done separately or together?
- Are you a saver or a spender? Risk Taker or Security Seeker?
- Do you work with a budget now?
- Are you conservative or aggressive in your investing?
- What are your income goals?
- Should we consider entering into a prenuptial agreement?
- Have you ever lost a large amount of money in investments?
- Do you want to rent or own your home?
- What mistakes have you made with money?
- What is the most expensive item you have ever purchased?
- What stresses you out when it comes to money?
- Did your parents ever talk about money?
- Do you track your savings and spending?
- Do you utilize an employer retirement plan?
- How important is planning for retirement to you?
- Do you give to charitable organizations?
For more information you can visit Bethany and Scott Palmer at www.themoneycouple.com
“The Money Couple,” Bethany and Scott Palmer are not affiliated with LPL Financial or Perennial Financial.