When you’re in love, talking about money may seem mundane. 40% of couples don’t talk about how they’ll manage their money before marriage. That’s a problem: solid finances are a vital underpinning to a healthy relationship. Money troubles are the most common stressor on a marriage—worse than chores, in-laws, or annoying habits.
Whether you are planning your wedding or have recently tied the knot, now is a good time to speak with your partner about planning for the future. As you set out on these discussions, a reliable guide is indispensable. A financial advisor can help you look at your current financial picture, negotiate your priorities, and plan for savings goals.
Joining Personal Finances
A financial advisor will help you and your partner understand what your financial situation looks like together as a couple. With their help, you can discuss the state of your personal and joint finances. How much have you each saved? How much do you have in outstanding debt? Where are you spending the most money?
Once your financial advisor has reviewed your current financial situation, they can help you decide how you want to pay bills in the future. Some couples pay all their bills out of a joint account, while others prefer to divide the bills and pay them separately. Your financial advisor can discuss the pros and cons and brainstorm a plan that feels fair to both of you.
Having an Impartial Third Party
Talking about money can come with a hefty emotional burden. We all have strong feelings about finances, based on our parents’ budgeting choices, our personalities, and our past experiences with money. Having an unbiased third party present can help keep the conversation dispassionate and focused.
A financial advisor can keep the conversation on the important facts, like debt, budgeting, and salary. With their guidance, you won’t accidentally skip discussing an important point or avoid it out of discomfort.
Just having someone else present can turn down the emotional temperature of a conversation that would otherwise be fraught with anxiety. A financial advisor isn’t stressed by talking about money–it’s their job! They’ll bring calm and confidence to a topic that both of you might find stressful on your own.
Plan for Future Savings
You and your spouse have probably talked about where you want to live, whether you want kids, and how many vacation spots you want to visit. But those are large investments that require savings. It’s not enough to daydream–you need a plan.
A financial advisor can put you on track to reach your savings goals in a reasonable amount of time. They can help you prepare for all the milestones of your life together, from the expenses of having a baby all the way to retirement. Together with your advisor, you can even make a plan for unexpected costs like medical bills or home repair.
Get started early so you can feel confident that your savings plan aligns with your vision for your future.
Marriage and Finances - A Match Made in Heaven
Once you and your partner have decided to speak to a financial advisor, you’ll need to work together to find one. Together, you can create a list of questions to ask a potential advisor to see if they’re experienced with the topics most important to you. Beyond that, rapport is also helpful. Someone who puts both of you at ease will make planning easier and more enjoyable.
Having a financial expert on your side will bring you confidence and a sense of control when it comes to finances. You and your partner are a team, and getting another skilled player in your corner will give both of you the security of knowing you’re prepared to handle your future together.
If you are interested in being matched with the best financial advisor for you, contact us today to get started.