So, you’ve found your person—the one you want to build a life with. Congrats! But before you say “I do,” there’s one important (and slightly unromantic) topic to cover: money. The “financial talk” might not give you butterflies, but it’s the secret to a stress-free, happy future together. Here’s how to make it simple and effective—and maybe even a little fun.
Start with Transparency: Numbers and Priorities
What’s in the bank? How much do you owe—student loans, credit cards, car payments? What assets do you have, like savings or investments? And what’s your actual income? Think of this as creating a financial treasure map, showing where you’re starting as a team. Transparency now avoids surprises later and ensures trust from the beginning.
Once you’ve shared the numbers, dive into what matters most to each of you. Is saving for a house your dream, or do you prefer to focus on travel or paying off debt? Aligning your financial priorities early helps you set shared goals and prevent future misunderstandings.
Build a Budget and Plan for the Future
With a clear understanding of your finances, it’s time to create a budget together. Combine your incomes, debts, and expenses to see the big picture. Tools like EveryDollar.com are great for building a mock budget for life after marriage. Include essentials like rent and utilities, but don’t forget fun items like vacations or date nights.
As you plan, think long-term. If kids are in your future, how will you budget for childcare or potentially living on a single income? Would you prefer a big house or a smaller one with more savings? Planning ahead ensures your lifestyle reflects what you both value most and gives you financial peace of mind.
Communication is Key
Money conversations are easier with clear communication. Decide how you’ll handle daily expenses: Will you combine accounts, keep them separate, or do a mix? If one of you has debt, will you tackle it together or individually? Set spending limits for big purchases and decide how you’ll make those decisions as a team. Communication minimizes stress and keeps you both on the same page.
Focus on Understanding, Not Judging
It’s not about agreeing on every financial decision but understanding each other’s choices. Why does your partner love saving every penny, or why are they loyal to their coffee habit? Knowing the “why” behind financial preferences builds trust and strengthens your partnership.
While money talk is not as exciting as picking out wedding cake, it’s just as important. Love is the foundation, but financial harmony is the key to building a strong, happy life together. With honesty, planning, and flexibility, you’ll be ready to tackle the future as a team. Let Anchor Wealth help you plan for you and your partner’s shared goals and dreams.
By Rianna Caswell, Wealth Advisor