Many couples are deciding to take the final step in their relationship this summer and exchange wedding vows. They should also include the exchange of financial vows to be followed. Talking about money early in the relationship is extremely important.
Why is discussing financial matters an important part of any relationship?
Money problems are cited as the top reason relationships have difficulties or fail. Most of time it is caused by not talking about money to create the financial understanding, or vows, of how you will have a shared financial future.
What is an important first financial promise to make?
It starts with agreeing that you will develop a shared financial plan for short and long term goals. An important part is an understanding that these goals will change over time. Both need to realize that priorities might change for one individual and therefore their plans might need to change as well.
What can couples do to keep their financial feeling in synch?
The best way to make sure that you both still share the same financial priorities is to discuss financial matters regularly including progress on plans and ways both can help achieve goals. Establishing a regular time to talk money or even working with an advisor might be a great way to have meaningful conversations about financial matters.
What is the most important financial vow to keep?
Without a doubt, it is the need to respect each other’s opinions and ideas as it relates to money. Both have to be equal partners in all decisions. This is especially true if one spouse earns significantly more than the other one. Not having equal decision making will only create long term resentment.
Why is this so important?
Successful relationships don’t have winners and losers. This is where everyone has to win and be part of the same team or it won’t work for the long haul. Compromise is extremely important in financial matters as is the ability to have open and honest discussions.
What is one piece of advice for all couples that they should consider?
Find a way to start saving for fun. Building a fun money account is a great way to have a very tangible shared goal that can accomplished every year. This helps both of you see how working together for the same result is so much fun and rewarding.