Sex get’s most of the hype as the big conversation topic prior to getting married. This is probably because, in general, sex is a lot more enjoyable to practice than any of the other issues a couple might face. With that said, the issue of money will usually be a more divisive topic than sex throughout a couples’ marriage.
Money will usually come up more than sex because we deal with it every day. The limitations placed on us in life are generally most evident when we look at our checking register.
So, what needs to be discussed about money prior to getting married? I’m glad you asked, because there’s plenty to cover. Before this conversation is had with your significant other, agree to be curious and graceful with one another. This is not a light-hearted topic. The below list is not an exhaustive list of questions and topics, but is meant to set the table for which to have an ongoing conversation about money.
Family history of money
What were the financial aspects of growing up? Everyone comes from someone, and everyone is shaped by the way that their family of origin handled their money. Some questions to consider here: What was important for your family? What or Where did they spend their money? What was their philosophy on saving, giving, and debt? Did you ever feel pressured to spend or not spend mom/dad’s money? Did money get talked about, and was this appropriate?
Purpose of money
Believe it or not, we all have very different ideas about what money is to be used for. Some view money as a security blanket, shielding them from the harsh realities of life. Some might view it as a fleeting object, to be spent when you have it. Can money buy happiness? What is the purpose and meaning of money?
Personal stories with money
What are the three to five most influential acts you’ve done that have had to do with money.? This could be a poor decision that resulted in a hardship (like the time I bought a pager when I was 16 so that my work, a shoe store, could get a hold of me — I spent hundreds of dollars on that pager and maybe received a total of 10 pages). On the other side, this could be a gift made to someone in need. Regardless, we all have stories about how and what we have done with money that reflect some of who we are.
Financial truths today
What are the financial details of your current situation? What is your salary, bonuses, commissions, etc? How much money do you have in savings, retirement, checking accounts, etc? What about debts, student loans, car notes, etc? What’s your credit story (if I pulled your credit report, what story would it tell)? Is there anything that you would change about the way you deal with money today?
Financial hopes tomorrow
One of the great aspects of getting married is that we get a chance to start fresh with some areas that we might not have handled well in the past. Money is one of those opportunities.
Do you anticipate both husband and wife working outside of the home indefinitely? How do the prospect of kids influence this decision? How do you want to handle saving, spending, retirement, college, etc?
If both husband and wife are working at the beginning of marriage, how do you want to harness the power of two incomes? A lot of times couples increase their standard of living once two incomes are put into the pot. I always suggest keeping the same standard of lifestyle for the first year, and then adjust as you see fit. Having more money in the bank will generally provide a safer place from which to have discussions about money together.
Beyond these topics that help you to address the past, present, and future, I suggest putting some boundaries in place that help couples succeed in their financial marriage. Firstly, once married do not have separate checking accounts. Open a joint account as soon as possible, and begin paying everything together from that account. Secondly, have bi-weekly and monthly budget meetings. Lastly, dream big. Talk about vacations, cars, trips, and home decor. Do some fun things together with money, and make your money work for you.
Money can be an incredible force in marriage. If you begin having these conversations today, you can set the table for your marriage to have healthy views and interactions about money. Be intentional with each other in talking about money, it will pay off.