Money Talk Matters

Archive for June, 2010

I was reading about a study that was recently completed by American Express Spending & Saving Tracker survey claimed that financial issues created more tensions in their relationship than anything else. Then it went on to state, “The majority of people prefer financial independence instead of dependence on a partner”.

When couples get married it does not mean that you have to lose yourself including financially because you are married. I am not saying that either spouse should have an account where money is kept hidden from each other in case you decide you want to bail out on the marriage. The message I want to convey is this, prior to your uniting your finances was your responsibility whether you handled them good, bad or indifferent. Once you are married, those finances are still yours, good, bad or indifferent. Whether or not you and your mate choose to open joint accounts is another discussion that should be had and a decision should be made.

Should spouses have a separate account. I believe spouses should have a separate account in addition to whatever they have decided regarding joint accounts. My husband and I have a separate account that we use to pamper each other and have some extra that we can pamper ourselves that does not hinder the household finances. What does that do for the marriage? That removes stress from the marital finances because in every relationship there is a shopper and a saver. If the shopper gets out of hand and now they are unable to pay all the bills, the saver (if they are the money manager) will not be happy.

If the husband and wife also have a joint account, then they know that one person is not shouldering all the financial responsibility. There is nothing wrong with dependence within balance. Seems to me as if there are spouses (whether husband or wife) that could be losing their life and identity once they become married. There are husbands and wives that have given up jobs and stay at home for one reason or another and that does impact the marital finances.

When financial issues arise the amount of stress it places on a marriage can affect so many areas of their life – relationships, employment, credit and much more. I would encourage all couples to do what is best for them. Develop a financial plan for your marriage and work your plan, even if you have been married for numerous years. You can start today right where you are.

Wait a minute, it is a red flag if you take out a loan for your future spouse during the engagement. Also, if part of that loan is to be used for your engagement ring. Hmmm isn’t that essentially like paying for your own ring! Take a look:

Ladies and Gentleman last week I spent some time watching quite a bit of court tv. WOW – what some people think. You must take a look at this episode and this ex-bride, did not stand a chance.

Segment 2 of Honey, Let’s Talk About Money discusses When Should Engaged Couples Talk About Money:

Engaged Couples you should take a look. I invite you to Share, subscribe or leave comments.