You’d like to think that love conquers all, and sometimes it does. However, the sad fact is that money problems are often the undoing of many relationships. Even if the couple has sufficient money, differences in how each person feels about saving and spending can put a strain on a marriage. It is extremely important that some basic financial issues are discussed before the wedding. If they aren’t dealt with ahead of time, they will only become bigger issues as the years pass. Here are some suggestions for couples to discuss before tying the knot.
- Do either of you have debt? How much? Are you paying it off regularly?
- Do each of you know the income of the other?
- Are you going to pool your money? If not, who will be responsible for what?
- Is either of you looking for a change of jobs which might involve relocation?
- Will one of you be returning to school?
- Do either of you have a poor credit score?
- Who will be responsible for paying the bills and balancing the checkbook each month?
- Who will be be in charge of savings and investing?
- Do you have differences in spending habits? If one is a saver and the other a spender, you may have to learn to compromise.