If you are engaged to be married, there are three crucial action items to handle before the big day. Time to build trust through honest communication.
(1) Hold several “Money Talks” with your significant other. Address topics like:
- How was the topic of money handled in your family growing up?
- Do you feel more comfortable spending or saving money?
- What are your future career goals?
- What does financial freedom look like for you?
- How do you see us managing our finances as a couple?
(2) Prepare for your “Money Talks” by clarifying and documenting your financial story. Where do you stand financially? Assets and liabilities? Be prepared to speak the truth about your financial situation. Download your free credit report at AnnualCreditReport.com and share each page with your partner.
(3) Create a debt-reduction plan. Given the current level of student loans and credit card debt, make a plan to eliminate debt. No one wants to bring their financial baggage into a marriage without a concrete plan.