Not if your goal is to avoid the No. 1 reason marriages end in divorce: Money problems.
Everyone knows this. But love and a reluctance to take a hard look at our own financial habits often keep us from seeing, much less confronting, potential financial troubles in a relationship.
"Mature, responsible conversations about money are a sign of a marriage that's going to be healthy and wonderful and enduring," said Brooke Salvini, a certified financial planner based in San Luis Obispo, Calif.
To get the conversation rolling, here are seven steps experts recommend to steer clear of potential marital money troubles.
1. DISCLOSE FINANCIAL RECORDS
Before corporations merge they go through a period when both sides get a close look at each other's financial records. Take the same approach before you get hitched.
2. DISCUSS FINANCIAL GOALS
A huge part of getting in sync with your spouse begins with discussing major life goals and the necessary financial commitments.
3. BUDGET YOUR SPENDING
Failing to create and stick to a mutually agreed upon budget can lead to marital strife.
It doesn't have to be complicated, though. Start off by listing monthly income. Then add up expenses, everything including car payments, rent, groceries, gym membership and utilities.
4. TREAT YOUR MONEY AS OUR MONEY
Many newlyweds continue to see the money they earn individually as their own, much like if they might merely be roommates. They keep separate bank accounts and pitch in, perhaps equally, or not, to paying bills.
But that can lead to problems, especially if one spouse earns a lot more than the other, says Anthony Chambers, a clinical psychologist at the Family Institute at Northwestern University.
5. KEEP CREDIT CARDS SEPARATE
It's not necessary to make your spouse a joint accountholder on your credit cards, especially if he or she has a poor credit history, which can drag down your own credit rating. Instead, make your spouse an authorized user.
6. DON'T SPLIT COSTS 50-50
In marriage as in most other scenarios, money is power. Although splitting household costs down the middle may work early on in a relationship, it can breed resentment in a marriage when one spouse makes a lot more money than the other.
7. TALK ABOUT SPENDING
Even after you've reviewed all the financial paperwork, sometimes it's even more important to find out how your spending habits match up.
Beyond how much someone likes to spend there are potential conflicts over what we see as a must-have.
Source : http://www.goerie.com/
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