Studies show that the leading cause of stress in a marriage is money. Money is also one of the top ten reasons cited for divorce. Money is not often top of mind with couples when a budding romance is hot. Obviously the topic should be discussed and explored before marriage to avoid a money/marriage melt down. But how and what should a couple discuss on this topic to avoid escalation and division?
Linette Dobbins CFP®, President and CCO of McGee Wealth Management, a nationally recognized financial advisory firm offers relationship saving tips and strategies to find out what landmines, issues and conflicts that could arise, before you tie the knot.
In the dating stages Dobbins recommends asking questions and looking for clues. “How a person spends their money tells a lot about what he or she values. Ask them ‘what would you do if you won the lottery?’ These types of observations early on will help discern whether you are financially compatible.
Pre-marital financial counseling is key. This will set the stage for navigating financial issues with ground rules and expectations set up in advance. A good financial planner is the best recommendation.
Discover your spending and saving style. Dobbins had defined three general scenarios: Spender/Saver, Spender/Spender and Saver/Saver. In determining your relationship combo, there will be certain predictable issues so make sure to watch this show to learn some great tips to avoid conflicts and stress.
Find out if you are committing financial infidelity!