Why You Need to Talk About Money Before Marriage

So you’re engaged to be married or maybe you’re a newly wed. Not to take any of the wind out of those romantic sails, but have you and your significant other had the money talk? Finances can be an incredibly tense subject for many couples and different views on spending and saving are one of the biggest contributors to divorce. Despite money being a leading cause for divorce, only around 38% of couples admit that they plan for retirement together.

If you plan on walking down the aisle with your sweetheart, or even just living with them, there are a few things the two of you should sort out concerning your cash flow to prevent finances from spoiling the romance.


Financial priorities: Having two incomes doesn’t necessarily mean you’ll be able to buy anything you want. Draft up a plan of weekly, monthly, and yearly costs and then factor in personal wants and needs so you can figure out what is and isn’t in the budget.

Life goals: One of you may want to start a collection of vintage guitars and the other might want to raise three children. They’re both incredibly expensive, so it’s important the two of you talk about the long-term costs that you see in your lives.

Retirement plans: Couples should think about when they want to retire and what they want to do with that retirement and how to plan and save for it accordingly. After all, a retirement that involves traveling the globe is going to cost more than one that involves relaxing at home with the occasional golf outing.

Planning on how to spend and save is just one part of the equation that couples should talk about. There’s also the issues of debt, beneficiaries, and savings accounts. It’s crucial to the sanity of your relationship that you take into account these things before getting hitched or at least shortly after. The two of you can have fun with your money, you just want to go about it in a way that doesn’t leave the other feeling worried about breaking the bank.

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