One of the few times in our lives that two things combine to become one is when we get married. The preacher says that we become one, for richer, for poorer, for better or for worse. You won’t have a great relationship until you can communicate and agree about money. Larry Burkett, noted financial author, says, “Money is either the best or the worst area of communication in our marriages.”
Communication before Marriage
One of the most important things to do prior to marriage is to seek pre-martial counseling. Find a good counselor or pastor and sit down and find out about your future spouse. Building strong lines of communication before you get married is essential to a good marriage and a strong financial future.
Money fights are one of the leading causes of divorce in America today, so make sure that you can agree on your spending and savings goals before you tie the knot.
Combining Income
Do not combine your income before you getting married. Once you say “I do!”, then it is time to combine your finances. Starting out your marriage with a spending plan and a budget to reach your goals will get your marriage off to a strong start. Do you need to pay off debt, student loans or the wedding reception? Set a budget and stick with it. Doing so will also help you save for a home and your future.
Agree on Your Goals
In order to be able to focus your energy and your financial management to reach your goals, you first need to know where you are going and why you want to get there. Sit down together and dream about your financial future. Do you want to own a home, send your future kids to college or retire early and travel? All of these things are within reach if you set goals early, learn to save and have the power of compound interest and time on your side. To calculate your goals with compound interest click here.
Gerken Financial Coaching Can Help
We have a pre-marital coaching package that can help you and your fiancée get on the same page with your finances. We can help you to set goals, to create a plan for eliminating debt, and to save for your future purchases. Most of all we can walk you through the process of learning to talk about money.
Whether you seek help from a professional to learn to communicate effectively with money or you work on communication with your partner, in order to be pointed in the right direction you must be in agreement on where, how and why you are spending and saving money for your future.
Tim and Kathryn Gerken are Financial Coaches in Newcastle, WA. They serve their community through classes and speaking in the greater Seattle area. Their coaching services are uniquely tailored to each client.
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