Marriage is the contract started by love, hope and dreams, and kept strong by trust, shared values and goals. How finances are handled, right or wrong, will have a strong impact on the success of your marriage. Money can be a major stress factor in a relationship. Money symbolizes self worth, security, position, enhances or limits choices, and can be a controlling factor in the health of the relationship.
Be honest with each other about the finances you are bringing into the marriage such as income, debt, social or family obligations that will affect cash flow, spending habits and what you expect to contribute or be responsible for in your new household.
Goals and Objectives: List your financial goals separately and together and then share with an open mind. Prioritize those goals and agree on the steps you will take to successfully accomplish these objectives. Each of you may need to sacrifice goals and compromise time horizons or the actual goals. It is always best to work these things out now and in an open fashion.
Recognize that you have a responsibility to each other to make supportive financial decisions. The actions you take individually affects both of you, not only on the bottom line, but emotionally as well. Set up perimeters you mutually agree upon and honor them.
Establishing a plan, a course of action that supports your dreams is important. As a couple, the sooner you build a strategy to coordinate your activities, the stronger your relationship will be. Marriage is a partnership in love, in the business of your family and can be the pillar of your financial well-being.
Marriage done right can be one of the wisest financial decisions you ever make. Two can accomplish more than one, when working together. Marriage can open up a world of opportunities for the two to enjoy love, enhanced by financial security.
This article appears courtesy of Nancy J. LaPointe, MBA, CFP®, ChFC, CLU. Nancy is a Financial Services Representative and a Senior Financial Planner offering fee-based financial planning services through MetLife Securities, Inc., a registered investment adviser. She focuses on meeting the financial needs of individuals and business owners. You can reach Nancy at the office at 4520 Intelco Loop SE, Ste. 1E, Lacey, WA 98503 or (360) 236-0312.
Metropolitan Life Insurance Company (MLIC), New York, NY 10136. Securities products and investment advisory services offered by MetLife Securities, Inc. (MSI) (member FINRA/SIPC) and a registered investment adviser. MLIC and MSI are MetLife Companies. L0211159591[exp1211][WA]