5 steps to a financial happily ever after.
Love & Money is a MarketWatch series looking at how our relationship with money impacts our relationships with significant others, friends and family.We’re approaching wedding season, and amid the talk of cake and flowers should be some frank talk about money, not just the cost per plate on the big day, but the short- and long-term financial implications of bringing two people together in one household.
First, talk openly about financial values. We all go through life with a set of ethics and goals related to our money. Beyond major life choices such as having children and owning a home, it’s important for soon-to-be spouses to know if charitable giving, international travel or other large expenses are part of one partner’s personal and financial identity.
At this stage, it helps to decide whether outstanding obligations will become “couples’ debt” or if each partner will continue to take ownership of their liabilities. This can be a tough negotiation if there is a large disparity between the partners’ situations, but hashing it out before the big day can head off surprises and arguments down the line.
Make a savings plan — together. In this instant-gratification age, it takes a lot of discipline to set funds aside for the future. When couples are relatively young and thus have the luxury of time on their side, they should aim to save at least 10% of every dollar they earn in a long-term, “untouchable” account, like a workplace 401 plan, IRA or Roth account.
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