Let's Talk Money

Today's mail brought with it the quarterly newsletter from my Allstate agent, and the cover story is "Learning to Blend Financial Styles When First Married". Money is often a difficult thing for people to talk about, but no discussion now may lead to a big fight later, when people's different opinions about financial security are yelled rather than discussed.


So what do you talk about - or rather - what needs to be talked about? And yes folks, this is a great time to discuss how much you're each budgeting for the wedding.


My insurance agent's recommendations? First, look at your bills, from cell phones, to rent, to student loans. This is not the time to be embarrassed or to not share. Marriage is built on honesty, so open up and talk turkey.


Second, look at your individual incomes, then calculate your net worth (income minus bills). Tell each other what you envision financially for your future, include assets in that too, such as a home, boat, car, motorcycle, whatever. And talk things over. If you disagree about something, talk levelly with each other and find a happy medium.


Last, make a spending plan. What do you want to put into savings? How about retirement? How much does the fun budget get, and what long term goals do you want to put money towards? This is also the time to talk about how much you want to spend on your wedding, what the total budget is and what the sub-budgets are (cake, dress, flowers, etc).


There's so much more to marriage than just a wedding, so be prepared for the real life after the honeymoon. By having this talk now you're clearing the air (if it needs clearing), and you know that you'll be starting a marriage on the same foot.