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Here’s another one- I’ve learned alot from this Author. Her practical views, advice, tips etc are awesome! Please read the article below. Thanks!
How to Say “I Do” to a Financially Strong Marriage
By: Mary Hunt – Everyday’s Cheapskate
No one wants to talk about divorce to a couple about to walk down the aisle. But maybe someone should, given the fact that the number one problem in marriage and a leading reason for divorce is money trouble.
Suzanne Boas, president of Consumer Credit Counseling Service of Atlanta, suggests ways that couples can talk about their financial situation, goals and attitudes toward spending and saving. “Open and honest communication before you walk down the aisle can identify areas of concern and build a foundation for financial success,” says Boas.
CALCULATE YOUR NET WORTH INDIVIDUALLY AND AS A COUPLE. Share information about full-, part-time or supplemental income, monthly expenses, and existing loans and credit-card debt. For better or worse, you inherit all of your future spouse’s finance issues—the good, the bad and the ugly.
MAP OUT SHORT- AND LONG-TERM FINANCIAL GOALS. This includes preferred living standards. Perhaps you’ve talked about how many kids you want, what type of pets you prefer and who gets to sleep on the left side of the bed. Now it’s time to talk about long-term goals and necessary short-term sacrifices.
DEVELOP A PLAN TO REDUCE DEBT REDUNDANCIES AND TO PAY DOWN DEBTS. Identify areas where bills unnecessarily overlap and look for opportunities to use your married status to decrease expenses.
CREATE A COMPREHENSIVE BUDGET. Take into account current income and expenses. While income generally increases with a marriage, oftentimes expenses increase, too. Consider setting aside a small amount of money per week that each spouse can spend at his or her discretion.
SHARE YOUR CREDIT REPORTS AND CREDIT SCORES. For many couples, marriage signifies the impending desire to purchase a new home or make other major purchases. But it is crucial to know about your future spouse’s credit report. Go to www.annualcreditreport.com.
DECIDE WHEN TO MERGE ACCOUNTS. Discuss the pros and cons of maintaining separate or joint accounts. If your beloved has bad credit, maintain separate accounts for the time being, but work with him or her to pay down the debt and begin the process of improving the credit score.
DON’T GO FOR BROKE ON YOUR WEDDING. Plan the wedding of your dreams—and of your financial means. There are lots of convenient ways to cut costs and still have a beautiful wedding. Read the book Cheap Ways to Tie the Knot by Cara Davis (Relevant, 2006).
TALK ABOUT THE FUTURE. Discuss your plans for the future and how it can impact your finances. If you are planning to have children, talk about the expectations of what happens when the baby comes. The cost of raising children is significant and can have an impact on the most prepared family.
