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Before my husband and I got married, I remember having conversations about the debt we would incur once we combined our lives. I had debt from school loans and since he had recently built a home, he had mortgage debt. At the time, we didn't seek a professional to talk about our bigger financial picture and in hindsight, I wish we had. Financial health is just that important! There are so many things to consider... credit histories, debt, existing accounts, assets, spending habits, goals, merging finances, keeping them separate~ a little of both, etc. etc. etc.
Talking about finances used to give me a stomach ache. It seemed like such a chore. Not anymore. It's empowering to try and remain organized and of the same accord when it comes to financial health. It's no surprise that problems with finances are a huge reason people divorce. It causes major stress in a marriage. My hope for you is that you start your marriage out openly, honestly and on sound financial footing.
I wanted expert perspective. I asked Brad Harder, financial advisor for Ameriprise Financial, (New Brighton, MN) to give us his advice for newly married couples:
- Based on personal referral and references, consider setting up an initial consultation with a financial advisor.
- Beneficiary Review. Update all financial accounts with possibly new estate and beneficiary wishes (especially for blended families).
- Prior to marriage, consider each other's spending habits. Prepare a budget and lay ground work for expectations of each other.
- Prioritize and define all the various goals, purpose, and objectives for saving for the future. Some may be short-term and others may be long-term. Consider various types of financial accounts for the different goals as various types of accounts have different features and benefits.
- Have open communications surrounding finances. Know and set expectations surrounding money.
- Plan for your future and discuss your goals and dreams TOGETHER, as a couple.
No worries about the "to do" list; you can be walked through all of that. I really like the idea of discussing your financial goals and dreams TOGETHER... And, as I read over these points, I realize each one of them could be a blog post in and of itself. Let me know in the comments if you would like to see a point further addressed.
Brad Harder email:Brad.a.harder@ampf.com
Photo Courtesy: Flickr: Orin Optiglot[poll id="21"]
