- my iParenting
- quick clicks
- moms today articles
- moms today q&a
- message boards
- research baby names
- prepare a birth plan
- content channels
- ip channel rss feeds
- read birth stories
- read parenting stories
- recommended books
- e-newsletters
- safety recalls
- ip diaries
- ip store
- mom of the month
- dad of the month
- editor's letter
- letters to the editor
 |
- e-newsletters
- Sign up to receive our free weekly e-newsletters
- award-winning products
The iParenting Media Awards program helps parents find the best products for their families.
Money After Marriage
What You Can Do to Plan for
Your Financial Future
Your Financial Future
By Megan L. Fowler
When you were single, your money was your responsibility. You budgeted for nights out with the girls, an occasional shopping spree when you deserved it and, of course, those pesky bills that arrived every month. You even set up a savings account (sort of) in case you overwrote a check or your hand-me-down car needed new brakes.
But now you're married, and you and your husband are planning your future together. Dreams of owning a home, paying off your college loans and someday saving for your children's education flutter in your head. But saving for a down payment on a house or for a private nursery school while getting your personal finances in order can be taxing (no pun intended).
In a marriage, finances are the No. 1 issue couples fight about, and often it's because the matter was never really discussed to begin with. Your husband might feel differently about saving money than you do, or you might believe paying all your bills off before starting your nest egg is best. And when children are added to the equation, things can get even more complicated.
"Couples with no financial secrets are those with the best chance of surviving financial challenges that will come up throughout the years of marriage," says MaryBeth Walker-Van Tress, vice president of investments for Fifth Third Securities, Inc. in Indianapolis, Ind. "[This] will give you the foundation you need."
"Ideally, a couple should have talked about money and created a joint financial plan before they got married," says Deborah Knuckey, author of Conscious Spending for Couples: Seven Skills for Financial Harmony (John Wiley & Sons, 2002). "However, it is never too late to start." Financial harmony begins with shared life goals, translating those into shared financial goals and then creating a timeline to make it happen, she says. "And if either of you are bringing financial baggage into the relationship – credit card debt or a bad credit score – then vow to work together to clean it up as soon as possible."
