Indiana Bride Magazine was fortunate to come upon a great resource, and often overlooked piece of marriage advice– financial compatibility. Secretary Lawson shares some excellent financial marriage advice regarding Money Skills for Newlyweds through IndianaInvestmentWatch.com.
When I was Hendricks County Clerk I felt a singular pride in the role I got to play in the marriage of those in my community. I think about that now as your Secretary of State because I am charged with protecting Hoosiers’ wallets. Whether you’re just beginning to think about marriage, are recently engaged or just got married, it’s so important to not overlook marriage advice on one crucial aspect of your relationship: financial compatibility. According to a poll conducted by USA TODAY, nearly two-thirds or marriage couple said they talked little or not at all before the wedding about how to combine their finances. Questions like “How much debt do you have?”, “What’s your investing philosophy?” and “How much do you save each month? can be difficult to ask but any good marriage advice expert encourages it. Discovering these answers early on in a relationship can prevent stress and arguments after saying “I Do”.
Amidst the busy planning for your big day (the average cost of a wedding in the U.S. is $25,631) you might ask why talking to your future spouse about finances is so important. You already know that money can’t buy a happy relationship- but do you know that it can tear one apart? Let us share some serious financial marriage advice that you might not know. In a national US study, researchers found that “debt brought into a marriage” and “financial decision making” were two of the most problematic issues that newlyweds experienced in their first years of marriage. For older couples, finances were among the top three challenges couples argue about. This is because the debts and expenses of your partner become your debts and expenses after marriage- that is not marriage advice, that is reality. Moreover, if your partner hides those debts and expenses, this can damage not only your financial stability but also your trust in your relationship. Some sad but true marriage advice statistics, according to a study done at Utah State University, money disputes are the best prediction for divorce.
Are you listening now? Good. But don’t worry! Over the next 12 months, follow this series on financial marriage advice to help guide you through these tough money discussions. Our financial marriage advice topics will include what to do in preparation for your first money discussion; how to create a joint budget; ways to build investing skills; how to prepare for your growing family and even how to plan for retirement. Understanding your partner’s spending habits will help you get to know one enough better. Establishing and accomplishing shared goals may even bring you closer together, and being closer together as partners is sound best marriage advice in any book. Money matters are emotionally charged and can bring out intense feelings. If done correctly, however, working hand in hand on finances can be a great way for couples to improve trust and communication.
Congratulations and best wishes as you start your financial future together. For more information, please visit www. IndianaInvestmentWatch.com . Also, don’t forget to follow Indiana Bride Magazine’s series on financial marriage advice.