waterfall at Wells Fargo in Dallas, Texas
So after starting this Money Matters series last week, I wanted to share more about how Brandon and I handle our finances. We all need a plan for our money, right? I mean, no one actually sets out to be in debt up to their eyeballs, but for some people it just happens.
Marriage, money and debt. This is so not your parent's economy. The idea of growing up, going to school, getting a job and saving for retirement just doesn't work anymore. Today's financial success or failure depends on how financially educated you are.
Money is a hard subject to talk about. That's why so many couples have such a difficult time managing their finances together. That's why when most couples talk about money they end up fighting. They were never taught how to manage their money wisely. "Living right financially is not complicated; it may be difficult, but it is not complicated." Dave Ramsey's Total Money Makeover
Here's a fun fact: 90% of people in our culture buy things they can't afford. Shocking!
This really shouldn't surprise us. We're ALL guilty of it. The moment we start comparing ourselves to other people and want what they have that's when we want more than we can really afford.
Brandon and I talked about money back when we first started dating. We talked about our families and how our parents handle money and how we want to manage our own money together. For us, that was getting a joint checking and savings account. Now don't get me wrong, just because you're married to someone doesn't mean you have to have joint accounts. Some people are so independent that they only know how to take manage one income and be responsible for yourself. There are many successful couples out there that have separate accounts.
If you're planning on getting married, the one thing you better lay out on the table is your money: debt, student loans, spending habits, shopping sprees, etc. Starting out on the same page creates a stronger foundation for a successful marriage. But, whatever you do, don’t stress! It’s just money afterall. Your relationship is so much more important. Getting on the same page with money is extremely helpful, but it’s not the ultimate end all, be all. Just keep that in perspective when you come to the table together.