Finances and Marriage

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Before lookingMoney for Wedding Venues in Salt Lake City couples should discuss their finances. Because one of the most common topics married couples fight about is money. As such it is important that the bride and groom discuss their finances honestly before they tie the knot in order to avoid larger problems down the road.

Honesty

It is most important that the couple is honest with each other. Any secrecy regarding finances in a marriage is deadly. For example, say one spouse runs up a few thousand dollars in credit card bills behind the back of the other spouse. This will cause tension for the spouse who has to maintain this secret. This tension will inevitably be felt by the other spouse causing further tension and resentment. Once the secret has been brought to light, addition resentment will result and regaining the initial trust will be difficult and perhaps impossible. It is far easier to be honest from the beginning and proceed from there.

Make a Budget

This honest discussion should primarily involve making a budget. Figure out how much income is coming in and how much expenses are going out. Then determine how much discretionary income remains and how it will be allocated. How much can be used for purchases? How much should be saved or invested? If the couple intends to have children money should be saved for their education and other expenses. Some thought should also be given to retirement. The earlier investment begins the longer time the money will have to grow.

One or Two Incomes?

Today it is common for both spouses to be employed and have two sources of income. If this is the case, one arrangement that can potentially ease tension is to maintain separate bank accounts and have each spouse be responsible for different household expenses depending on their income. If only one spouse is earning income then there will need to be a discussion about who will keep track of the finances and how will both spouses have access to the money.

Credit Cards

It is also important to discuss credit cards and how much debt the couple is willing or able to incur. Certainly, the less debt a couple incurs the better because interest payments will eat away at future income in a way that might not be immediately apparent. As such credit cards should be used with caution and vigilance.

It is important for couples to discuss their finances openly, honestly and on an ongoing basis. Ideally this discussion should start before the marriage begins to avoid problems in this potentially dangerous area.