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(ARA) - With
countless hours spent planning for your big day,
wedding preparations can be daunting for both
bride and groom. Unfortunately, amidst the
whirlwind of decisions to be made, many overlook
an important aspect of planning that could
greatly affect their wedded bliss: discussing
finances as husband and wife.
According
to a recent survey conducted on behalf of
leading credit card provider Capital One, nearly
one-third of adults have never had a
conversation about personal finance with their
spouse or significant other. It's no wonder
money issues are the number one subject of
arguments between couples and a leading cause of
divorce in this country!
Dana
Cilluffo, recent bride and spokesperson for
Capital One, suggests taking time to talk about
money as soon as possible, whether you're
preparing to walk down the aisle or just getting
back from your honeymoon.
"It's
never too early to sit down and have 'The Big
Money Talk,'" says Cilluffo. "Being
open about money at the beginning of your
marriage will help you to work as a team toward
your future prosperity."
Following
are tips from Capital One for starting your
joint finances off on the right foot:
To
Do Before Saying "I Do":
Getting
to Know You - Make it a priority to learn the
ins and outs of your spouse's financial status
including salary, savings, expected bonuses and
investments.
Mine,
Yours or Ours? - Take the time to learn how
joint bank accounts and credit cards work. In
the case of joint cards, each account has one
primary applicant and one co-applicant. The
co-applicant might want to consider opening or
maintaining an individual card in their name
only so that he/she can continue to build a
credit history.
Mr.
and Mrs. Money - As a couple, sit down and
review your combined expenses. Develop a budget
and short-term savings program, as well as a
strategy to achieve long-term goals and a
comfortable retirement.
Stay
Tuned In - Even if only one partner manages the
bills, it is important for both partners to stay
fully abreast of the family's financial status.
Set aside a few minutes each week or month to
discuss your current plan and readjust as
necessary.
Ask
the Experts! - Consult with a financial advisor,
use personal finance software and/or log on to a
personal finance Web site to help you keep track
and allocate your assets -- from mutual funds to
a portfolio of individual stocks.
Courtesy of ARA Content |
