The Money Couple Minute:
6 Tips to Confirm Your Spouse is a Good Money Match
This Money Couple Minute we are going to give you excerpts from a featured US News and World Report article. Many points (2-6) were written by Karen Palmer (no relation) and highlight steps to improving your money compatibility from yours truly... The Money Couple! We are excited to be getting an incredible amount of National TV, Radio and Web coverage as we educate couples around the world about the importance of “Love and Money” or in other words, having a good financial relationship.Remember... we have “ask The Money Couple” available for you. If you have any financial relationship questions, just click here and we will personally answer them for you.
Is Your Partner a Good Money Match? (Excerpt)
An eight-step guide to keeping your love life in line with your financial goals
According to a new survey from TD Ameritrade, 6 in 10 people say they wouldn’t marry someone without knowing their financial situation first. An even greater number - 8 in 10 - said they have never withheld information about their financial lives from their partner. Despite those good intentions, coming up with a game plan for managing money within a relationship can be harder than agreeing on a honeymoon destination. Here’s an eight-step guide to making sure your love match is also a money match:
When You’re Dating:
- Figure out your (and your honey’s) money personality. Here is a link to make it easier!
- Pay attention to red flags. Always disagreeing, avoiding all financial discussions, seeming rich without explanation, and carrying large amounts of debt are all red flags for big financial blow-ups later, says Sion. Take note and either address the problem right away or be prepared to in the future.
When You’re Engaged:
- Schedule an in-depth conversation. Bethany and Scott Palmer, known as “the Money Couple” and authors of First Comes Love, Then Comes Money, suggest no less than 20 questions for couples poised to walk down the aisle. Among them: Do you want joint or separate checking accounts? How did your parents spend and save money? Will one of us stop working to stay home with children? What have been your biggest money mistakes? This is also the time to talk about big money goals, such as owning a house, retiring at age 45, or launching a small business.
- If necessary, do some detective work. This advice might sound alarming, but Sion insists it’s a necessary step toward self-protection. He suggests sussing out just who your partner is by meeting his parents, visiting his workplace, typing his name into a Web search to see what comes up, and even checking for any criminal record and viewing his credit report.
After You’re Married:
- Continue to schedule regular chats, or “money huddles.” Bethany and Scott Palmer (no relation to this reporter) say that too many couples ignore financial issues until they start causing problems. That’s why the Palmers advocate regular check-ins, which they dub “money huddles.” They recommend setting aside a time in advance - sort of like a date - to hammer out your financial priorities and talk about your progress.
The Palmers also suggest focusing on the positive by writing down the good things about your financial relationship. Perhaps you each earn a steady income, or you’ve managed to pay off your credit card debt. Then, write down the negatives or challenges, so you know what you want to focus on.
- Snip financial infidelity in the bud, or, better yet, avoid it altogether. According to the Palmers, financial infidelity, which they define as making a money decision without the knowledge or consent of your partner, happens a lot. Scott even admits to being guilty of it. The way to stop it from ruining your relationship, they say, is to deal with it quickly.
(Link to complete US News and World Report article.)
Make It Happen!
Scott and Bethany Palmer
The Money Couple
Money Huddle Tip: At your next Money Huddle, ask each other the following question, “Do you think your parents were a good money match?”
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