Many young couples discuss their beliefs, values, and aspirations for the future before tying the knot. However, many still avoid talking about finances. In a 2010 Zogby survey commissioned by major credit bureau affiliate zendough.com, researchers found nearly 20 percent of respondents failed, for one reason or another, to bring up the subject of finances prior to their wedding.
Discussing finances with your significant other can be scary and awkward, but being open and honest about your individual financial situation can help you avoid issues or stress down the road, Heather Schneider, education director for zendough.com, told Consumer Affairs.
The survey found that only 24.2 percent of respondents created a budget prior to matrimony. In addition, 33 percent reported they were unaware of their spouses credit score, despite the fact that credit scores have a direct and immediate effect on a couples ability to take out mortgage loans, credit cards, and insurance policies.
Couples who want to be fiscally prepared for marriage should discuss their finances openly and honestly; consider opening up joint accounts; analyze their monthly budgets to find ways to set aside money for down payments on homes or other big-ticket items; and figure out ways to handle their individual and shared expenses, according to Consumer Affairs. By taking the time and effort to coordinate their financial goals, couples can learn to manage their day-to-day finances in a responsible manner while also helping to ensure their long-term fiscal stability.
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