Marion Syversen was on for this week’s Finance Is Fun, to discuss ten points about finances and wedding plannings.
Below are the points Marion talked about on the show Tuesday:
1.) Don’t start in debt from the wedding: Average weddings cost are about $26,000. And if you can afford a luxurious event, have it. But do not act like debt is a smart start because you ‘deserve’ this sendoff. That attitude is a red flag for the next 50 years.
2.) Talk: This is not dating when you wisely keep your cards close to your vest. Now is the time for full disclosure about what your credit looks like, the mistakes or difficulties that you’ve had and the places you sometimes fail. Be merciful and wise as you hear these things from your future spouse.
3.) Now, what’s up with them?: We often marry opposites. So we are savers they are spenders. Or vice versa. KNOW what’s up in their money life so you can strategize wisely about your beautiful future. Can’t figure out how to have this talk? We will talk about money quizzes next segment.
4.) Know your joint goals and check-in with one another about them: Like saying, ‘I love you,’ is not said only once, reviewing your money goals is an regular conversation. Perhaps not as often had as the monthly or weekly budget chats you will hopefull have. But the big picture goals of money needs to at least occasionally come up.
5.) Speaking of budget have one and talk about it: Make sure there is fun money for spending without the other partner being upset. If you both have free money, then it Is just that. But also make sure you have savings and are planning for your wonderful future.
6.) Do not lie about spending
7.) Allow freedom: Your money is really about what you want to buy. My husband doesn’t always understand- in fact, he seldom understands- why I ‘need’ another pair of shoes. But with money allotted from me, and his for him, there is freedom.
8.) At what value must we chat with one another before purchasing?: Depending on your income that number might be $100 or $500. But figure out when – at what amount- a ‘major’ purchase is tripped and mutual discussion must be had before a purchase.
9.) Remember: you love each other. When you disagree with one another about money of anything, always remember, you love each other and you don’t need to say anything unkind. ‘If you don’t have anything good to say…’
10.) If you can’t work things out, talk to a financial advisor or a therapist. It’s common to have disagreements because of all kinds of reasons. But dig in and work this out to completion for the happiest of unions.