Five financial questions for Newlyweds!
All you need is love… and financial honesty. You’ve picked the venue, booked the honeymoon and sampled the cake. But have you had “the talk”? Conversations about money are far from romantic, but taking the time to discuss your finances before you commit to the ultimate merger will help avoid disagreements later on. In a recent study from the Canadian Institute of Chartered Accountants, 50% of Canadians admitted they were worried about money. Merging finances can alleviate some money worries but it can also contribute to them if you end up assuming a partner’s debt load or managing their out-of-control spending habits. Answer these five questions before the big day to help ensure financial harmony:
1. Are there skeletons in your fiscal closet?
Many of us have an emotional relationship with money and deep-seated attitudes that go back to childhood. While it can be embarrassing to bare your financial soul, complete honesty about your credit history and any debt you bring to the marriage is one way to help ensure a healthy fiscal union. Agree to “open the books”, listen without judgement and use your marriage as an opportunity to start fresh.
2. What’s your financial style?
Opposites attract in love but couples are often surprised to find out that they have opposing attitudes about money. Can a saver and a splurger coexist? The answer is yes but only if both partners are willing to make changes for the sake of the relationship. The spendthrift needs to prioritize and stick to a budget while the more frugal partner must avoid scrutinizing every purchase. In money matters, each person feels that their way is the right way but in marriage, compromise is the only way.
3. What are your financial ground rules?
Couples benefit from some financial independence – no one wants to check in every time they open their wallet – but there should be some ground rules for spending. Many couples set a “must tell” limit that means they can’t purchase anything over a certain dollar amount without letting their partner know. Discuss expectations for “found” money like inheritances or income tax refunds. Will you use it to bump up your retirement savings or splurge on a dream vacation? When setting these ground rules, include uncomfortable topics like how you will respond to requests for loans and how much you’re willing to donate to charity.
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4. Who will manage your finances?
Marriage is an equal partnership but odds are one spouse is more adept with numbers, more familiar with spreadsheets or just more organized. Decide who will take responsibility for paying bills, writing cheques, tracking investments and preparing tax returns. But remember to keep each other in the loop and set up files and passwords that you can both easily access.
5. Can you live on one salary?
Job security is a thing of the past for many Canadians and it’s likely that, at some point in your time as a couple, you will have to manage on one salary. Even happy occasions like the arrival of children can cause temporary financial hardship. Ideally, you might spend one salary and save the other. If that’s impossible, try to set aside at least six months of funds to cover expenses in case of unexpected life events. And if you rely on two incomes to pay major expenses like your mortgage, you might consider critical illness insurance or term life insurance for added peace of mind. For information on Foresters™ life insurance products, click here.
When you’re caught up in the excitement of planning a wedding, it’s easy to overlook the more mundane aspects of joining two lives but answering these questions will help you focus on the big picture, not just the big day.
Source:www.foresters.com
