What do couples fight over the most? The answer is hardly a secret – finances. One spouse might be a saver while another might be a spender. One might think saving now for retirement is important while the other might think living life to the fullest is the better way to go. If you don’t get a handle on how the money side of the relationship will be dealt with from the get go, friction will start working its way into the marriage. That is not a good thing.
The first thing you have to recognize is the difference in who brings in how much. It is the lucky couple that brings in the same amount of money, but this is a pretty rare circumstance. The far more common situation is one in which one spouse brings in significantly more or all of the income. How does this effect the decisions being made? There is no “right” answer, but it is something that you need to address up front to avoid problems.
The second issue deals with a budget. You may have never budgeted anything before in your life. Most people haven’t. When you get married, however, it makes sense. A budget accomplishes two things. First, it forces the two of you to sit down and discuss finances before there are problems. Second, it creates a clear agreement between the two of you as to what is going to happen financially. By being proactive, you can have a sane discussion instead of waiting for problems to arise and then arguing about it.
The key to dealing with finances for newlyweds is to get a handle on them right from the get go. Sitting down with a qualified financial planner often makes sense since you can be sure that all the relevant subjects are being covered. Planning out your finances now is the key to finding harmony in your new life together. Take the time and make the effort to get them in order.
Thomas Ajava writes about financial planning for UFCAmerica.com.
