How to Bring up Money with Your Fiancée
Deciding Who Pays for What once You Get Married
Sep 17, 2008
Tying the knot may be about love and commitment, but making sure you are on the same page financially is equally important.
Registering for china is nice, but you might be living on paper plates once the honeymoon is over, unless the two of you sit down and come up with a money plan.
How to Decide Who Pays for What once you’re Married
- Divide up the Bills. You can split them down the middle if you want, but most likely one of you will bring in a larger paycheck than the other. So figure out finances accordingly. If the wife makes more money now, but the husband is in line for a promotion in the next six months, she could offer to pay for groceries, while he foots the bill for dinner out on Friday and Saturday nights. Then when the cash situation changes, both of you can sit down and re-evaluate.
- Open joint as well as individual checking accounts. You both need to have control over your money. So each of you should have a little spending money that is your very own, and you shouldn’t have to check with your spouse every time you decide to buy a pair of shoes. But big household purchases should come out of a joint account. And you should both sit down and discuss how you are going to pay for that big ticket item and what your priorities are. Also, if the shoe shopping gets out of hand; that is something you both need to address together.
- Create a long-term budget. Say your long-term goal is to buy a house, or take a dream vacation to Australia. You should both decide together how you will get there. Discuss how much each of you should put aside every month to realize your goals. If you have part of your paycheck automatically deposited into a savings account, you won’t even realize the money isn’t there. And you’ll be less likely to touch it.
- Pay yourself first. Contribute the maximum amount to your 401k or IRA. It’s never too early to think about retirement. Even if you are only in your 20s, plan now for a long life together. Remember that marriage is an emotional as well as a financial commitment. People don’t realize that when you obtain a marriage license you are entering into a partnership, and if your future spouse has accumulated debt, it will be yours too. It’s a good idea to have a major money discussion well before the wedding date. This will give you both a chance to clear the air and come clean about your financial past. But also remember, in the scheme of things, it’s only money.
The copyright of the article How to Bring up Money with Your Fiancée in Consumer Education is owned by L. Marie Dubuque. Permission to republish How to Bring up Money with Your Fiancée in print or online must be granted by the author in writing.
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