|  For
Love and Money
“Til
death do us part”, a familiar phrase in the wedding
ceremony evokes images of happily ever after. Unfortunately,
over half of the couples that promise to love, honor and cherish
will throw in the towel and sever the legal bond that ties
them. A leading cause in divorce is money and all that it
represents.
Spring
and summer rapidly approach and the seasons bring the usual
flood of perfectly planned wedding celebrations. When considering
marriage, thoughts of future security arise, bringing to light
the issue of money. Whether you are just getting married or
want to improve your relationship, communication and compromise
are essential.
Start
by talking and listening. How do each of you feel about spending
and savings? Respect each others’ differences. Everyone
has different life experiences which reflect in their own
money philosophy. Openly discuss spending habits, be honest
and respect your partner’s views; whether or not you
are in agreement. Understanding one another will build the
solid foundation needed to work through money differences
throughout your marriage.
Discuss
your goals and dreams. Understand each other’s goals
and how they can become reality. Make a plan for reaching
short-term and long-term goals. Decide if finances will be
pooled together or if separate bank accounts will be maintained.
Set up
a household budget. Determine an agreeable amount each of
you can spend without consulting each other. Within the limits
of your finances, make sure each partner’s needs are
being met. A budget is not meant to keep you from spending;
it is simply a plan for where the money will be spent and
saved. Keep in mind, although your partner may have ideas
you do not share, they should be validated and explored. Different
does not mean “wrong”, it simply means "different”.
Compromise until you have a budget that is agreeable to both
of you.
Monitor
your finances monthly. Together, review your monthly budget
as well as short and long-term goals. Remain flexible and
make changes that continue the path towards meeting your individual
and joint goals. Honest communication based on an understanding
of each other’s needs will give you a much better chance
that money issues will not constantly eat away at your love
for one another.
 Holiday
Closings
Independence
Day
Friday, July 4th
Labor Day
Monday, 1st |
