Marrying this month? Have the Money Talk Now
Most people know that June is the most popular month for weddings. But did you know August is the second most popular month?
One way to make your big day even better is to talk openly about your finances before the wedding, says Kyle Brown, accounts and payroll manager at Duffey Realty.
“It is very important to talk about money with your future spouse,” according to Kyle. “In fact, establishing genuine communication in the relationship before you say ‘I do’ can give you valuable insight into what to expect down the road when challenges come up.”
Financial expert Dave Ramsey says that money is one of the four major topics an engaged couple should discuss before they get married because money does a great job of revealing someone’s character. A frank discussion of financial concerns will help each partner understand the other’s perspective on spending money. Some people are spenders, and some are savers, for example. Some are generous, others are more cautious.
Talking about these different views of money prior to marriage sets a good pattern for future communication on financial issues, Kyle says.
“The whole process of financial decision-making is so much easier if you do your due diligence and get on the same page before you get married,” he said.
Wondering how to start the conversation? Here are some discussion starters from Lexington Law that can help:
- Do you have any debts I should be aware of?
- How do you budget your money?
- Are you meticulous about your bills and expenses, or are you comfortable to just “wing it”?
- What’s the most you would ever spend on a home, car, piece of clothing, etc.?
- How should we divide responsibilities for paying the bills?
- How should be budget for a family?
- What should we do when we disagree about spending?
For more ideas and tips, check out Dave Ramsey’s article, “Four Things to Talk About Before Marriage” at http://www.daveramsey.com/blog/four-things-to-talk-about-before-marriage/.