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Clarity Financial Planning Services is an advocate for your financial future who takes a holistic approach to your needs and goals.

Holiday Engagement? Talk Money with Your Honey

People can get engaged any time of year but more than a few get engaged during the winter holidays. It may not seem very romantic but talking money with your honey can actually keep the romance going. In “5 Important Financial Discussions to Have When You’re EngagedU.S. News and World Report offers some practical ideas for those who are engaged but not yet married.

‘Fess Up: You and your intended need to discuss the kinds of money issues and debts that you may not have thought to mention when you were merely dating. It may be easier if you set up a specific time for this discussion. If one of you initiates this kind of conversation when the other is not prepared, it may not go well. There may still be tension if you set up a money date but at least you will know ahead of time this is what will be discussed.

Goals: You and your love should talk about financial goals and also discuss your goals in general since you will need to be in agreement on how to finance your goals. Whether it’s travel, children, early retirement, investment properties, or new furniture, you need to know what the other person is thinking.

Handling Finances: While both partners need to be involved in financial decisions, it is often one person that takes on the task of implementing those decisions in all or some areas of your financial life. And by implementing, we mean actually paying the bills or researching home loan options, or clipping coupons. You should discuss this before tying the knot, even if you already live together and have merged finances to some degree.

The article begins by referencing the upcoming nuptials of Britain’s Prince Harry and American actress Meghan Markle, opining that they will probably be just fine. And they will. However, we wouldn’t want anyone to think that having very little (and theoretically not much to fight over) or a whole lot of money (and therefore being secure) means you can avoid financial planning discussions. These conversations are vital to the health of a marriage.