Money
Money problems can start even before the wedding vows are exchanged. They can stem, for example, from the expenses of courtship or from the high cost of a wedding. The National Foundation for Credit Counseling (NFCC) recommends that couples who have money woes take a deep breath and have a serious conversation about finances.
Problem-solving strategies:*.Be honest about your current financial situation. If things have gonesouth, continuing the same lifestyle is unrealistic.*.Don't approach the subject in the heat of battle. Instead, set aside a time that is convenient and non-threatening for both of you.*.Acknowledge that one partner may be a saver and one a spender, understand there are benefits to both, and agree to learn from each other's tendencies.*.Don't hide income or debt. Bring financial documents, including a recent credit report, pay stubs, bank statements,insurancepolicies, debts, and investments to the table.*.Don't blame.*.Construct a joint budget that includes savings.*.Decide which person will be responsible for paying the monthly bills.*.Allow each person to have independence by setting aside money tobe spent at his or her discretion.*.Decide upon short-term and long-term goals. It's OK to have individual goals, but you should have family goals, too.*.Talk about caring for your parents as they age and how to appropriately plan for their financial needs if needed.
Money problems can start even before the wedding vows are exchanged. They can stem, for example, from the expenses of courtship or from the high cost of a wedding. The National Foundation for Credit Counseling (NFCC) recommends that couples who have money woes take a deep breath and have a serious conversation about finances.
Problem-solving strategies:*.Be honest about your current financial situation. If things have gonesouth, continuing the same lifestyle is unrealistic.*.Don't approach the subject in the heat of battle. Instead, set aside a time that is convenient and non-threatening for both of you.*.Acknowledge that one partner may be a saver and one a spender, understand there are benefits to both, and agree to learn from each other's tendencies.*.Don't hide income or debt. Bring financial documents, including a recent credit report, pay stubs, bank statements,insurancepolicies, debts, and investments to the table.*.Don't blame.*.Construct a joint budget that includes savings.*.Decide which person will be responsible for paying the monthly bills.*.Allow each person to have independence by setting aside money tobe spent at his or her discretion.*.Decide upon short-term and long-term goals. It's OK to have individual goals, but you should have family goals, too.*.Talk about caring for your parents as they age and how to appropriately plan for their financial needs if needed.
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