1. Discuss finances beforehand. The first date is too
soon and the honeymoon is too late. A good time to discuss
finances is when both of you realized that your serious about a
long-term relationship.
2. What is your credit history? How much debt are you
bringing into the relationship? Do you pay your credit card
bills on time? Ask questions so there are no surprises when the
two of you make big purchases like an automobile or a home.
3. What is your financial personality? Are you saver
or spender? Do you live from paycheck to paycheck? Are you
a penny pincher who cuts coupons? Have an honest discussion with
each other about your habits because it will affect your relationship
in the long run.
4. Create a savings plan. Discuss short- and long-term
savings options, investments, retirement, IRAs and 401(k) plans.
5. Communicate and negotiate everyday money matters.
Should you open a joint checking account? Who will buy
groceries? Who will keep track of monthly statements and bills?
6. Focus on goals, dreams and objectives. Once you've
made the decision to build a financial future together, sit down and
map it out. Are you saving for a home? what savings plan
will you have for your children?
7. Update insurance and estate plans. make sure you're
sufficiently insured and the beneficiary for each policy is
updated. You may also need to update other estate documents.
8. Examine your tax situation. Tax laws penalize
dual-income families; determine what will benefit you and your partner
in advance.
9. Consider a prenuptial agreement. A prenuptial
agreement isn't just for the rich; it can cover a variety of things
like property, a home, inheritance and other investments.
10. Talk with a certified financial advisor. Financial
planners can help you establish a plan that will help you reach your
objectives.
Couples who talk about their finances before they get caught up in
the wedding whirlwind will be better prepared to begin their future
together. For more information, visit www.aba.com.
