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(originally published June 2010)
Wedding season is underway and hundreds of Hoosier couples are taking the next step toward building their life together. Before they make their way to the altar they spend time evaluating their personalities, values, goals and more to determine if they are compatible. However, money management is one trait that is often overlooked. Questions like “How much debt do you have?” “What’s your investing philosophy?” and “How much do you save each month?” can be difficult questions to ask and even seem out of place. But discovering these answers early on in a relationship – before marriage cements a financial partnership – can prevent stress and arguments after saying “I do.”
Even the most compatible couple may find they have vastly different attitudes and experiences with spending and saving habits. Some people are innate savers, investing and living on a budget. Others are quick to spend without prior planning and may drain their personal checking account every month. Assuming your significant other is financially fit can be a recipe for disaster.
Whether you’re just beginning to think about marriage or recently tied the knot, don’t shy away from initiating important financial discussions. Go to the table with an open mind and an understanding that, while there are certainly wrong ways to manage money, there is more than one right way. It’s all about compromising and finding what works for you as a couple.
Here are some tips and things to consider as you merge your finances:
For additional money management tips, and to download a PDF of the “Money Skills for Newlywed Couples” guide, visit http://www.IndianaInvestmentWatch.com.