You’ve got the ring—but before wedding bells ring, be sure to talk with your partner about your finances. After all, arguing about money is the top predictor of divorce.
According to a recent Money magazine survey, the top heated topics among couples are overspending on frivolous purchases, lacking emergency savings, not understanding budgets and being too frugal or cheap.
Before you walk down the aisle, make sure you and your future spouse agree on how you will manage your money. Get started by answering a few simple questions about these topics:
Make a list of individual assets, loans and debt. Take note of any current or past issues with credit—and make a plan of attack now rather than later. Understand your partner’s income, how and when you’re paid and any additional income from investments or other sources.
Budgets & Bank Accounts.
Many couples deal with the classic conundrum—joint or separate accounts? Some say joint promotes trust, makes it easier to see overall financial status and provides access to either spouse’s funds at any time. Others tout the perks of separate accounts—including increased autonomy, lack of need to justify spending and minimized money accessibility for their spouse. Make the decision best for you—and decide before you get married. From there, agree how to pay bills, budget and operate financially on a day-to-day basis. Get a head start and manage all your accounts with online budgeting tools like FinanceWorks—available within Busey ebank.
Every couple should talk about their goals up front, even if the goals are hypothetical. Discuss long term goals—including children, mortgage and retirement—as well as short term goals—like vacations, finishing the basement and installing a new TV. Try to see things from your future spouse’s perspective and ensure you both see eye-to-eye.
Go through Busey’s Finances and Fiancés financial checklist with your partner and take a look at Busey’s wealth of financial resources in the Resource Center - Calculatorson busey.com. With Busey’s help, managing finances can be something to look forward to instead of something to dread. Call 1.800.67 | Busey and speak with one of our advisors today.