It's spring! Love is in the air. But before
you decide to pop that question or
answer YES, talk about your finances.
Financial stress is the second leading
cause of divorce in the U.S., according
to Ramsey Solutions. Money problems
are blamed by almost 40 percent of
divorcing couples.
Talking about money can be difficult. In
fact, the National Foundation for Credit
Counseling reported that nearly 70
percent of adults said they had negative
feelings about discussing money with
a fiancé.
Another survey commissioned by
Questis, a finance startup, found that
58 percent of respondents believed that
debt was such a taboo topic that they
admitted to lying about their finances
on social media.
However, if you don't talk about money
before you get married, you will most
likely talk about it during the divorce.
So, how do you start this discussion?
Start by taking a fun quiz to
determine your money personality
– or how you view money. ese are
the four common money approaches:
worship, avoidance, vigilance, or status.
Take the quiz here: nerdwallet.com/
article/finance/money-personality. e
quiz opens the door to discussing money
and helps you understand yourself and
your intended approach to money.
Next, talk about debt, all debt –
credit card, student loan, mortgage, a
loan you co-signed with your brother,
etc. Once all the outstanding debts have
been exposed, make a plan for paying
them off. Some couples may opt to tackle
the amount together, while others may
only pay off their individual debts.
Discuss any wage differences and how
that will be viewed by both partners.
Are you living on a beer salary but have
Champagne tastes?
Discuss financial goals. What are your
thoughts on spending versus saving?
Do you want to retire at age 50? Do you
want children? Is it important to have
a new car every couple of years? Talk
these through.
Finally, be truthful. It will
eventually come out anyway. Plus, lying
reveals something about a person's
character that should be brought to light
before marriage.
You can find more information at
redfcu.org/financialwellness.
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r e d f c u.o r g
Advice for
Engaged Couples
