Summer is packed full of weddings. Did you know that many new couples don’t talk about finances. A Fidelity survey found more than one-third didn’t even know their partner’s salary. The irony is that two-thirds of the same couples thought they communicated “very well” about financial matters. Financial experts have this advice – don’t wait to talk about money.
Studies show that money is the number one reason couples argue. So, how can newlyweds break this cycle? Start by having simple conversations to find out if you are a saver or a spender. Many couples will find that they are on opposites sides of the scale. That is perfectly normal. Once the type of spender is identified, couples should create a budget that reflects both of their styles. It does make it easier if both are the same. If one or both partners has debt, formulate a plan to reduce it as quickly as possible. Finally, set long-range financial goals to purchase a house, start a family, and live debt free.
A Money survey revealed that those who trust their partner with finances feel more secure and argue less. If you made a foolish purchase, own up to it. Lying about money has huge repercussions. If financial conversations are tough, hire a professional financial planner. Five Star can also help. Visit the Personal Checking page to download a budget template which will help to get the ball rolling. You can always stop in to one of our 15 local branches. These small steps will help to ensure your finances don’t undermine your new marriage.