Making a marriage work in today’s day and age is no easy feat. With almost half of all marriages today ending in divorce, anything that you can do to stay together should be a top priority for you and your partner. The top three reasons that people cite as to why they divorced are infidelity, fighting about the children, and disagreeing about financial matters. Here are four money topics that every couple should discuss to help them stay together.
1. Should You Have Joint or Separate Bank Accounts?
Traditionally couples automatically put all their money into joint accounts after the wedding. Having a joint account can make it easier to pay bills, manage multiple paychecks, prepare taxes, and more. It can also be a symbolic representation of two becoming one through marriage.
However, joint accounts may not be the right solution for you and your spouse. If you have drastically different spending habits, for instance, keeping your funds separate can help avoid many arguments over purchases. Separate accounts can also let you save for independent goals, such as education or travel, that may not involve your spouse. Having separate money can also allow each spouse to feel that they are on equal standing financially, making for a stronger relationship.
2. How Should You Save for the Future?
Every couple understands that saving for the future is imperative. The question of how to save is not often addressed but is crucial to a couple’s happiness. If the two of you have different tolerances for risk, for example, the issue of how to save can be tricky. If one of you has https://rubix.io/ bookmarked to trade crypto every day, while the other feels that money is safest under the mattress, you are bound to have serious arguments over what to do with your savings accounts. Hammering this out early in your relationship can help it last.
3. Who Should Pay the Bills?
Paying bills is a necessary task for all couples. If you do not decide calmly who will be responsible for paying bills, how often they will be paid, and from what accounts, you are bound to have serious fights every month.
If one of you is going to be responsible for all bill paying, it is still important for both of you to discuss how your income will be used to pay each bill, especially if you do not have joint accounts. Also, each of you deserves to know that all the bills are being paid on time and how much of your income is being used to pay them for your peace of mind. Negative financial surprises can ruin the strongest of marriages.
4. What Is Your Debt Tolerance?
Debt tolerance is an important topic to discuss. Be sure that you each understand the other’s tolerance for debt, from credit cards to automobiles to housing. Expecting to fund an entire life in cash is unfortunately not practical for most people today in America. Knowing how your partner feels about being in debt, and how much debt they can comfortably live with, is imperative for your happiness.
Taking the time to discuss money before your wedding can help your marriage be one that lasts.