● Determine what you will do with your discretionary income. How do you want to spend and/or save it?
● Determine a structure for your financial situation. Discuss who will be responsible for paying the bills and balancing the checkbook. How will you research and collaborate on decisions for larger purchases? Assign these tasks according to your individual likes/dislikes/skill, and hold each other accountable. Keeping your financial house in order is a team effort.
● Always keep the lines of communication open. Discuss your worries or any issues you might be struggling with.
Now that you have discussed your finances, it’s not a bad idea to call your financial advisor and set up an appointment to discuss your options as a couple. The goal is to establish shared values and a plan for financial security. If you can do that and work together to achieve successful financial outcomes—instead of becoming part of the 30 percent of couples who lie to each other about money—you’ll be well on your way to wedded bliss.
Anthony Lanzillo is senior vice president of KeyBank and heads the Capital Region’s Retail Banking team. He can be reached at either 518-257-8598 or firstname.lastname@example.org.
Improve your relationship with money—and as a couple
Most people go into marriage thinking they can handle any and everything life can throw at them—emotionally and financially. The sooner you can talk about the tough issues like money, the more likely this is to be true and the sooner you can begin working together to maximize your financial freedom, comfort and security.
The good news is that it doesn’t have to be hard. Your path to merging and understanding your finances can be fun and bring you even closer together. Here are a few ideas new couples can incorporate in your lives.
● Learn to have fun without spending a lot of money. For example go for a hike, take a bicycle ride, or have a picnic.