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Wedded bliss? It starts with being able to talk about money

Spotlight on Finance

If you need proof that money matters in love, look no further than the leading online wedding planning website, The Knot, which recently revealed the average cost of a wedding is $27,800.

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Anthony Lanzillo, Senior Vice President, KeyBank

Obviously this number is skewed a bit by the 16 percent of couples who spend above $30,000 for their wedding, but even then, nearly 50 percent of newlyweds will spend at least $10,000 on their wedding—and many will borrow money to do so without giving it much thought and without much conversation. This is a mistake. The truth is, money—being able to talk about it—plays a very significant role in a healthy marriage.

The truth is, money—being able to talk about it—plays a very significant role in a healthy marriage.

A generation ago, things were a little simpler. More couples relied on one income and merged finances as soon as they merged households. Today, at least 48 percent of married couples have two or more checking accounts between them. There are “his and hers” accounts, combined savings, household checking accounts and more. Still, relationships, at least most successful relationships, are about sharing and compromise. And there is no better time for couples to start talking about and forming their financial values than before saying “I do.”

What to consider when planning your wedding

Planning a wedding can be a major expense. It’s easy to get caught up in the excitement of color schemes, venues, musicians, flowers, photographers, and all the other details. But before you make any calls there a few things you should talk about, including your:

● Wedding budget

● Honeymoon plans

● Financial values

● Income

● Debts

The good news is that getting married will not impact you or your spouse’s credit score. Your credit history, reports and scores remain separate. That said, more often than not you will have to combine incomes and credit scores to qualify for a mortgage or any type of larger loan.

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