The Importance of the Money Talk

There are many reasons to consider talking about finances early with your partner. Look over these tips for the right way to start the money conversation.

Marriage can be a very interesting and complicated arrangement. This union marks a time in your life when you will no longer be an individual who is fully independent. From this point on, all decisions you make are going to have a direct impact on another person’s life. Luckily, staying mindful of the needs of your partner is an easy way to make sure you both are on the same page. Before you walk down the aisle, however, it can be a good idea to have a discussion about finances. The “money talk” is an important one to have.

There are many reasons to consider talking about finances early with your partner. Look over these tips and find the right way to start the conversation.

Your Wedding Budget

The easiest way to begin this talk is by bringing up the topic of the wedding budget. Putting together this type of event can often cost a significant amount. In order for you to throw a wedding that lives up to the vision you both share, you need to have a strong idea of how much you can afford to spend. Before you begin planning, sit down with your significant other and start discussing finances. By having this conversation early, you can make some important decisions about the event right away.

For one, you might realize that you do not have as much money to work with as you originally believed. If you’ve discussed the issue early on, you won’t make the mistake of booking vendors that you cannot actually afford or putting any down payments toward services that fall outside of your budget. On the opposite side, your conversation might reveal you have a bit more to spend than you initially believed. Perhaps you really can afford an orchestra instead of a DJ! Be open so that you can use your funds in the wisest manner.

Your Future

Having a conversation about money does a lot more than simply provide you with a budget for your wedding. This talk also helps to lay out the groundwork of your future. Your significant other is the person you will need to turn to when times are tough. If you both have wildly different methods of spending money, it can lead to fights down the line. The money talk is the perfect opportunity to discuss how you plan on saving for the future, as well as whether you’d like joint accounts or shared credit cards.

What’s more, studies have shown that one of the top reasons couples fight is due to finances. While money can always add stress to a situation, not having an open discussion about your finances can lead to resentment and frustration. You don’t want to send your relationship into a tailspin when it can be avoided. Talk about money and be honest with your partner about how you’d like to save for the future. This can get you on the same page and help you make sensible decisions moving forward.

Control Your Reactions

While having the conversation about money, try not to overreact to anything discussed. If you’re a frugal person and your partner is frivolous with spending, criticizing your significant other about spending can seem like an attack on his or her character. No matter how strongly you feel about budgeting, be sure to be respectful with your partner and have the most open discussion possible on the matter.

There are plenty of reasons to think about having a conversation about money before the day of your wedding arrives. The earlier you have this talk, the easier it will be for you to keep frustrations to a minimum and start married life on the same page.