Planning for a Financially Secure Marriage

Congratulations! You've made the commitment to share your lives together and are now on your way to fulfilling your dreams of a long and happy marriage. Remember that your future together includes financial goals as well. Consumer Credit Counseling Services (CCCS) agencies like ours say that now is the best time to discuss your individual financial situations, expectations, and plans for your married life together.

Couples should communicate about finances from the beginning, according to our NFCC-approved Consumer Credit Counseling Services agency counselors. By deciding before the wedding whether there will be separate or joint accounts, and who will manage the bills, couples can avoid future financial conflicts.

A good way to begin is by discussing your common goals, and determining how to organize your finances in order to achieve those goals. With guidance from a financial professional at our Consumer Credit Counseling Services (CCCS) agency, you will be able to begin married life with a positive financial outlook. Our credit counselors provide sound advice to start you on the right track:

• Talk about your history. Is one of you a saver and the other a spender? Discuss how you use and think about money. Be honest about all debts and loans. Opening up about finances can be difficult, Consumer Credit Counseling Services experts say, but better to share that information now than face surprises later.
• Plan your financial future. Consumer Credit Counseling Services experts advise writing down your long-term financial goals together, along with your plans for how to get there. This includes monthly savings, and what to spend on large purchases. Decide who will handle bills, balance the checkbook, and maintain the budget.
• Create a budget. A budget tells you how much and where you are earning and spending each month. It should track daily household expenses like groceries, clothing, utilities and other bills. Whether you use a spreadsheet, written charts or a financial software program, check in regularly. If income or expenses are not meeting your budgetary projections, discuss that together and limit spending if necessary. It is critical to agree on which expenses are necessities and which are luxuries. Also, don't forget to create a joint budget to consider the new expenses that may arise once you are married.
• Create a contingency plan. Life is full of surprises, but you can be financially prepared to meet them. Our Consumer Credit Counseling Services agency advises saving three to six months of salary to prepare for an unexpected layoff, car repair, move, medical emergency or other unplanned expenses. Saving each month may seem tough when you are tempted to furnish your new apartment or house. But paying cash for emergencies (and establishing good financial habits) will keep you from building large credit card balances.
• Meet with a professional advisor. To ensure that you cover all of your financial bases, consider meeting with a Consumer Credit Counseling Services (CCCS) professional. A Consumer Credit Counseling Services advisor can help facilitate a financial discussion, create a personalized budget and discuss ways to reach your financial goals.

By taking a few simple steps at the beginning of your life together, you can head off potential problems and meet your long-term goals. Share your plans today for a long and happy, and financially secure married life.