It might be the last conversation you want to have as a newlywed couple, but finances play a huge role in a successful marriage. The recipe for a happy marriage is made of trust and open communication. This is especially important when it comes to money. Money is the #1 leading cause of stress in a relationship with more than 35 percent of respondents stating money played the main factor. Couples who are on the same page about finances feel more secure, argue less, and even have a better sex life. If you’re a newlywed couple, discuss these financial topics together to start your marriage on the right foot.
Are you a spender or a saver? Either way, don’t commit financial infidelity by making secret purchases without telling your spouse. A study from CreditCard.com found that 20 percent of married couples made a purchase of at least $500 USD without telling their spouses with six percent admitting to having a separate bank account the other wasn’t aware of. It’s great to be able to spend independently, but keeping secrets won’t do anyone any good. Communicate expenses and share passwords with each other so you can both view online what your financial situation looks like. You don’t have to tiptoe around each other when you want to make a purchase but there should also be a balance of wants vs. needs items.
Ask for help
If you feel that you’re at a dead end and your conversations about money aren’t productive or helpful, seek help from an outsider. It’s okay to ask a financial adviser, coach or accountant for help when managing your finances - single or married. Seeking a professional’s opinion might ease tension if you often argue about finances. An accountant or financial expert can help with complicated money matters such as investments and taxes, and they will also save you time in the long run. You will need to pay for such services, but depending on your current financial situation, they may be able to save you money in the long run, in addition to saving you stress, time and disagreements. Discussing money in a marriage can be tricky or even downright uncomfortable, but it starts with open and honest communication. With the right money management skills, spending habits, and patience, you will be on your way as a team to overcome any financial situation.
Lilli Black is a wedding coordinator, planner and designer in Denver Colorado. She works in Denver, as well as all over Colorado. She has been in the wedding industry for many years, and has planned more than 1000 weddings in Colorado.