Are you a newlywed or getting married soon? If so, this post is for you!
It’s time to start talking with your significant other about money (super romantic.. I know!). Being on the same page about money is a key part of having a successful marriage. When you say “I do,” you’re committing to every part of each other –– including your finances and debt.
When you get married, you become a we. It’s a major change, but talking about money forces the two of you to discuss really important issues like goals, dreams, and your legacies.
Having these conversations build a shared vision in your marriage, which makes your relationship stronger and more financially secure. Don’t wait until after you say “I do” to have your first money talk. Here are five questions to start talking finances with your significant other!
Money + Marriage | How To Start Talking Finances
1. Be Transparent
Transparency is key! Be open and honest about your current individual situations, including your debt and your views on money. Talk through your money mindsets and money tendencies. Are you a spender or saver? Do you like status or safety?
Discuss what your parents taught you about money, how money was viewed in your home, and what you do and don’t disagree with. Be sure to not be judgemental or critical if you disagree with something your spouse says. Use this conversation as a time to communicate effectively with one another, and begin to lay out how you want to run finances as a couple.
2. “Marry” Your Bank Accounts
When you get married, you’ve got to combine your money into joint accounts. You’re becoming one, so your finances should too. If you keep this one area separated, it can lead to separation in other areas. Don’t. Go. There. Work together from a shared account to create accountability, honesty and a sense that you’re in this together! Because guess what? You are!
3. Make a Plan for Your Financial Future
Once everything is laid out and you combine your bank accounts, it’s time to discuss money goals! Do you pay off debt? Create an emergency fund? Purchase a home?
If you’re not already, I would highly suggest taking a Financial Peace University class and follow the Baby Steps! My husband and I have been on the Dave Ramsey plan for the last few years and it has completely transformed our finances. Our marriage is in a much better place since starting the steps too! We communicate better, are less stressed, and have more freedom to do the things we want.
My best advice would be to pay off your debt, build a 3-6 month emergency fund, start saving for a house (20% down on a 15 year fixed rate mortgage), put 15% toward retirement, and then work to pay off that newly purchased house!
Set priorities together and make a plan to move through the above Baby Steps together. Read The Total Money Makeover and sign up for a FPU class so you can tackle your money goals hand in hand.
Set priorities together and make a plan to move through the Baby Steps together. Take a class like Financial Peace University (now a Ramsey+ exclusive) so you can know how to set and tackle all these money goals together.
4. Start Budgeting Together
Prior to walking down the aisle, you should already start talking about budgeting. Don’t combine your accounts or budget together completely, but do a couple trial runs to see how you’ll work together.
Once you are married, you’ll start budgeting together for real. Each month have a budget meeting to discuss the next month and review what worked/didn’t work the previous month. Don’t skip this step! It’s imperative to create a budget together as a couple so you can reach your money goals!
5. Always Put Your Relationship First
If you want a strong + healthy relationship, you have to make working on your finances together a priority from the start! Couples who are in agreement about money, combine their finances and have healthy finances almost always have a better marriage over those who are in disagreement.
Getting on the same page with money will improve all aspects of your relationship too! When you can talk about money, you can pretty much talk about anything. Working through your finances together and being on the same page will only make your marriage stronger now and into the future.
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