By Melanie Hasty-Grant
Honesty is the Best Policy
In my practice, I work with couples on their financial goals and create a plan on how best to pursue them. I’ve been in the investment business for twenty years. However, prior to that I was a marriage and family therapist and helped couples strengthen their relationships. These two careers surprisingly have a lot in common. Money is one of the biggest things that couples fight about and is one of the top causes of divorce.
In order to have a healthy marriage, it’s important to share an understanding of the finances in the relationship. When it comes to money and marriage, honesty is the best policy! The following are three tips to get you started:
- Before you get hitched, you should have a “come to Jesus” meeting about your money. Marriage is the tie that binds, literally! That means your money too. Your debt becomes one.
Be upfront and honest about where you are financially. Discuss what debt you may have – student loans, credit cards and car payments. How do each of you see the money being handled after you are married? Will it all go into a joint account? Will each of you have your own account and pay certain bills? How will decisions about large purchases be made?
- Be honest about where the money is going.
An issue I frequently encountered while doing marriage counseling was infidelity. Most of us are familiar with sexual infidelity, but a less common and equally devastating form of infidelity is financial infidelity. Financial infidelity is the secretive act of spending money, holding credit or credit cards, holding secret accounts or stashes of money, or otherwise, incurring debt unknown to one’s spouse.
A healthy relationship is built on a solid foundation of trust in all areas of life—including finances. Be sure to continue the honest money conversation when it comes to where the money is going.
- Be honest with yourself and each other about what goals you have for the future and how you will pay for them.
No sticking your head in the sand, it’s time to talk about the future. How do you plan to save for college funds? Are there financial goals you would like to reach later in life? Are there bucket list items you want to check off in retirement? Have an open discussion about what your financial ideas for the future are and start planning now.
There are a lot of factors that go into having a healthy relationship; being on the same page about money is a solid first step.
If you would like some help with your financial planning, please give Waterstone Private Wealth Management a call at 918.272.1120 or visit our website at www.waterstonewealth.
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Securities offered through Cetera Advisor Networks LLC, Member FINRA/SIPC. Investment advisory services offered through CWM, LLC, an SEC Registered Investment Advisor. Cetera Advisor Networks LLC is under separate ownership from any other named entity. Waterstone Private Wealth Management 9500 N 129th E Ave Suite 106 Owasso, OK 74055