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So you're months, maybe even weeks away from the big day. Your partner popped the question and gave you a ring, but have you popped the really big question? You know, the question that involves the "M" word?
It's difficult for many people to talk about money. Especially people in love. But it's an absolute must. It's common knowledge that unresolved money issues are a leading factor in the break up of many marriages.
So, rather than wait until after you've tied the knot, why not set some time aside today to start talking about the "M" word?
Randy Schuldt, a vice president with IHateFinancialPlanning.com, a new Web site devoted to the more than 75 percent of Americans who hate financial planning, says the key to talking about money in a relationship is to start early. Schuldt, who's happily married and the father of two, says it's paramount to understand each partner's savings and spending habits.
"Because it's not easy to talk about money, Web sites like IHateFinancialPlanning.com can serve as a source to initiate the conversation," adds Schuldt, who also highly recommends a relatively new book by Ruth Hayden, titled "For Richer, Not Poorer-The Money Book for Couples."
Ultimately, says Schuldt, a couple that intends to marry needs to go beyond the talking stage to developing a written financial plan, complete with goals, individual duties and financial policies, such as at what dollar amount does one spouse need the permission of the other to make a purchase decision.
To help couples better understand where they stand, IHateFinancialPlanning.com has developed a 10-minute quiz-sort of a financial calculator-that both partners can take and use to facilitate a discussion about money. If your scores seem way off don't cancel the reception hall, but take some time and talk things over. If really big problems surface, some time with a marriage counselor or an experienced financial planner may help you and your honey see eye-to-eye.
"Think of this little quiz as a snapshot," adds Schuldt. "It can help tell you and your soon-to-be spouse where you're at now in terms of your various perspectives about money management." IHateFinancialPlanning.com Financial Compatibility Calculator:
1. We talk about money regularly.
- True
- False
2. We have decided who will handle the bills after we marry.
- True
- False
3. I feel my future spouse manages his/her own money well.
- True
- False
4. I would feel comfortable if my future spouse made a purchase of $250 without telling me.
- True
- False
5. I feel my future spouse knows what my retirement dreams are.
- True
- False
6. I know how much debt and savings (including investments) my spouse is bringing into our marriage.
- True
- False
7. Between us, we have more than five credit cards.
- True
- False
8. I know how much my future spouse makes and what percentage he/she is contributing to their 401 (k) plan at work.
- True
- False
9. I feel my spouse avoids sitting down and talking about money with me.
- True
- False
10. We have the same financial dreams.
- True
- False
11. I feel like my future spouse treats his/her money as if it's his/her own.
- True
- False
12. I never talked about money with my parents.
- True
- False
13. I know how my future spouse would feel if I wanted to quit my job and start a business.
- True
- False
14. I would feel comfortable living off one salary if either my spouse or I wanted to quit his/her job.
- True
- False
15. When we talk about money, my spouse interrupts me often or dismisses my points of view.
- True
- False
16. I feel my future spouse is a cheapskate.
- True
- False
17. We have a financial plan.
- True
- False
18. We've talked to a financial planner.
- True
- False
Click here to see how your scores rate for financial compatibility
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