Congratulations, you?re engaged! Soon you?ll be combining household items, insurance, families and?even finances. The words, ?for richer or poorer,? will soon be your reality. It’s common for money and credit to be intimidating topics for couples to discuss.
Money is a Personal Issue
Money is a basic necessity that creates security and also opportunities for indulgent mistakes. How someone spends his or her money can say a lot about them. Most people would prefer to share their weight or age before discussing their income.
Here are a few expert suggestions for navigating money matters with a significant other.
Find a Starting Point
As an engaged couple begins to plan for their wedding, they will discuss their budget, their vision for the day, and what the top priority will be. The same can be said about a marriage financial strategy. As a team, you should discuss an estimated budget, financial goals, and individual desires and needs for a new life together. Marc Shaffer, a certified financial planner with more than 13 years of experience and the Principal at Searcy Financial in Kansas City suggests, ?Set a time to discuss your ?money script? and the experiences you have had with money throughout life that impact how you feel about money today. Consider these discussion prompts: How did your family handle finances growing up" What worked well and what didn?t" How does that impact how you handle your own finances"?
Handling Your Credit
Another obstacle c...