AICCCA Says Don't Skip the Money Talk Before Marriage
Fairfax, VA - April 19, 2006 — Couples busy planning their wedding and their future need to be sure to add another item to their to do list before the big day - the money talk. This is when couples come clean about their financial past and plan how money issues will be resolved in the marriage.
"Talking about money and how it will be handled in the marriage is crucial," said David Jones, president, Association of Independent Credit Counseling Agencies. "This is especially true if a saver and a spender are planning to be married."
AICCCA offers these tips for couples to begin the talk about money:
Discuss financial assets and liabilities. Begin at the beginning and go through everything with each other. At the end of this discussion, both sides will know how much each earns, saves and owes. Couples will probably come away from this talk knowing if they are marrying a spender or a saver.
Pull a copy of your credit report and score. This is a very good way to see and talk about any problems you may have had in your financial past. The first time you make a major purchase together this will happen anyway and if there are any surprises it's best to know about them beforehand. This is also a good time to make sure your report is accurate and to clean up any errors.
Determine the division of financial duties. Be sure you both have a basic understanding of money. Discuss the pros and cons of joint and individual accounts. Depending on your strengths and financial style, decide if only one or both of you will handle the details. Set up a calendar or other system for paying bills so that you pay your bills on time every time and your bank accounts are regularly balanced. Decide how you will handle income tax filing.
Have regular money discussions. If only one partner is responsible for the financial duties, it is especially crucial to have regular discussions about money issues so that both know where the family stands financially. Vow to review all aspects of your financial life on at least an annual basis. This discussion should include your income tax withholding for the year and insurance needs as well as a complete overview of where you stand financially.
Set money goals. This is the fun part and should be saved for last. Discuss your career goals and expectations. Talk about your hopes and dreams and how to accomplish those goals financially.
AICCCA reminds consumers that talking about money doesn't have to mean fighting about money. If you need professional help, contact a reputable credit or financial counselor.
AICCCA: Founded in 1993, Association of Independent Consumer Credit Counseling Agencies is a national membership organization established to promote quality and professional delivery of credit counseling services. AICCCA and its members are focused on financial education, efficient processes and advanced technology to best serve clients and creditors. AICCCA members are independent nonprofit agencies that advocate for debtors, counsel millions of consumers annually nationwide and provide debt management service to consumers with excessive unsecured debt. To contact an AICCCA member agency call (800) 450-1794 or visit www.aiccca.org.
