Guiding your life’s biggest financial moments

Personal Finance

Money Conversations You Should Have Before Marriage

Courtesy of Rian Watkins

“First comes love, then comes marriage, then comes the baby with the pram. That’s not all, that’s not all.”

What’s up, everyone? This is Brandon Copeland, aka Professor Cope, NFL linebacker, editor for Kiplinger. And this is another episode of Face the money.

Check out all of Brandon Copeland’s features on money management at Kiplinger.com.

It’s February. It is the month of love, Valentine’s Day. Ooh … hey, hey, get that out of your mind. This is not what we are talking about here.

With love comes marriage, and marriage is a very beautiful thing. Corn, what a lot of people forget to talk about is that there is an affair at marriage, in the midst of all the hugs, kisses and hugs.

Sometimes you forget to talk about this business. So, I wanted to give you all a few tips on the things you should definitely discuss with your partner before you get married.

Talking about money can be a difficult conversation to have in general, but it can also be a little more difficult when discussing it with your spouse. So I suggest you break this conversation into digestible chunks.

The first thing we need to be on the same page with is: ensure our financial goals are aligned. Or, we are at least aware of everyone’s financial goals.

If I want a 25 bedroom, 12 bathroom house; However, my wife is happy to live in a trailer, we need to find some kind of common ground in marriage so that our common spending habits can help us reach that comfort zone for both of us.

As part of the conversation about financial goals, a number of topics for discussion will be covered. For example, children. Are you planning to enroll your children in public school, in private school? Do we plan to pay for their wedding or their honeymoon? Do we want them to complete their college education entirely or just give them a head start?

These are all things that you want to be on the same page on, so that the two of you can work on them together.

During a marriage, resentment can escalate if one partner works harder than the other to achieve these goals. So we want to have these conversations in advance.

Another topic is your investment plan. Does a partner plan to handle all the finances? Or is this a common conversation every time a financial decision is made for your future? Are your risk tolerances the same? Are either of you more conservative, while the other is closer to the player? We should just align ourselves with these things before we get into holy marriage.

If you don’t already know, when you get married you tend to share everything: share bathrooms, beds. You also share your credit and debt situations. Having one, three, five years in marriage and finding out that you can’t afford the house you want because of your spouse’s credit doesn’t make for a healthy conversation around the table.

Presenting all of this information, and then figuring out how you want to tackle those things together, can help you craft the best business plan for you and your marriage.

The next thing you want to discuss are bank accounts and paying bills. Are we planning to separate all of our bank accounts? Combine them into one or two joint accounts? Or a mixture?

How do we plan to attack our bills? When we go to dinner, is it 50/50? Shall we go 25/75? Do I swipe my card? “I saw you order that extra drink, and you know it’s not free refills.”

Again, we just want to be on the same page with these things to avoid stress, confusion, and negative energy later in our marriage.

These are just a few of the topics you should discuss with your future spouse. Corn: Married folks, I don’t want you to think you’re left out of these conversations. You can always sit down and discuss these things to be better aligned financially.

I want to wish everyone a very happy Valentine’s Day. For those of you who are about to get married, congratulations to you.

For those of you who have these conversations and decide to cancel them: Sorry, that’s the way it is. That’s life. It is

Face the money. I really, really like you. I also mean for those of you who thought it was going to be a mean Valentine’s Day video … Shame on you.

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