Monday, February 15, 2016

Love and Money

Valentine's Day is one of the most popular holidays for couples to get married or engaged. Love is a beautiful thing. But money is one of the primary reasons for failed marriages, and sometimes even love cannot overcome differences in financial attitudes.

Before you take that plunge, have a conversation about money with your beloved. It's just as important as the one about having children, or where you plan to live. Is the person you love a spender or a saver? If one of you is a saver and one a spender, can you accept each other as you are? Trying to change the other person's attitude will most likely prove futile, and very frustrating.

Where is the money you live on going to come from? Who will handle paying the bills or managing the investments? Will you contribute equally to household expenses, or is one spouse expected to shoulder more?

Will you open joint accounts, or maintain separate funds? Is one or both of you bringing debt or other financial obligations into the marriage?

What are your priorities? How will major purchases be handled? Are you saving to buy a house? Take an exotic vacation? Start a business? Scrimp for retirement?

Until you figure out what money means to each other and ensure that your financial attitudes are compatible, hold off on saying, "I do." Divorce is expensive.

What financial tips do you have for couples? I would love to hear your comments.

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