So You're Getting Married? Let's Talk About That Thing More Awkward Than Your In-Laws: Money
Listen up, lovebirds! Before you waltz down that aisle in blissful ignorance, let's have a chat about the leading cause of post-honeymoon blues: financial secrets. Here's a fun fact to dampen your wedding planning enthusiasm - one-third of marriages crash and burn due to credit card debt alone. Even better? In 70% of these cases, someone was playing hide-and-seek with their debt statements. Romantic, right?
The "Getting Financially Naked" Conversation
Let's be real - showing your partner your credit score might be more intimidating than meeting their parents. But as Kristin Wilkerson (our sage from First Interstate Wealth Management) points out, finding out about your sweetie's $100K credit card debt during the honeymoon isn't exactly a mood enhancer. Time to strip down those financial barriers and get uncomfortably honest about:
Your actual bank balance (no, your crypto doesn't count)
That student loan you've been "meaning to mention"
Your secret shopping addiction (those Amazon boxes aren't fooling anyone)
The Great Banking Debate: To Merge or Not to Merge?
Ah, the age-old question: should you pool your money like your Netflix subscription? Here's a revolutionary idea - you've got options! You could:
Go all in (because nothing says trust like a joint checking account)
Keep it separate (for when you need to secretly buy their birthday gift, right?)
Play it hybrid (like your commitment to that gym membership - partially committed)
Future Planning: Because Dreams Don't Pay for Themselves
Time to align those rose-colored expectations with cold, hard reality. Whether you're dreaming of:
A house with a white picket fence (in this market? Good luck!)
Mini-mes running around (who knew tiny humans were so expensive?)
That round-the-world adventure (hopefully before you need hip replacements)
Pro tip: Start saving now, because your future self will thank you (or curse you less).
The "What If" Talk: Because Life Has a Sense of Humor
Nobody wants to discuss insurance and beneficiaries over candlelit dinner, but guess what? Adult-ing requires uncomfortable conversations. Time to tackle:
Health insurance (because someone's going to need it after all these stressful conversations)
Life insurance (morbid, but necessary)
Legal documents (sexy stuff like wills and power of attorney)
Money Values: Where the Real Drama Begins
Think political discussions are spicy? Wait until you discuss financial values! Hot topics include:
Your definition of "emergency fund" (hint: new shoes aren't an emergency)
How much support to give family members (aka the "Bank of Us" policies)
Investment strategies (because one of you is bound to have crypto dreams)
Making It Work: Your Financial Happily Ever After
Want to avoid becoming another divorce statistic? Here's your survival guide:
Talk about money before it talks about you
Create a financial plan (and actually follow it)
Respect different money personalities (even if their spending habits make you twitch)
Find solutions instead of pointing fingers (save the blame game for board game night)
Remember, folks - marriage is like a joint bank account: what you get out of it depends on what you put into it. And sometimes, the best investment you can make is in couple's therapy. (Kidding! Sort of.)
Key concepts: pre-marriage financial planning, couples money management, joint finances, marriage money tips, financial transparency in marriage, wedding financial planning, couples banking strategy, marriage financial goals
Source: Adapted from GOBankingRates' article featuring the wisdom of Kristin Wilkerson, who probably deals with more couple's money drama than a reality TV producer.
Want more relationship-saving financial advice? Check out our guides on "How to Talk About Money Without Starting World War III" and "Financial Red Flags: When Their Credit Score Is More Red Than Your Wedding Roses."
