Let's talk money. For many couples, wedding planning might be their first joint financial project, and yes, it can be a bit daunting. Understanding how to navigate your finances together is not just about budgeting for the big day but also setting the stage for your financial future together.
Before diving into spreadsheets and budgets, start with a conversation. Discuss your feelings about money, which are often rooted in how each of you saw money handled at home growing up. Questions like “What was money like in your home when you were growing up?” can open up essential dialogues and set a foundational understanding of each other’s perspectives.
Understand Each Other’s Financial Styles: Are you a spender or a saver? Understanding your and your partner's spending habits is crucial. Acknowledge how these habits influence your approach to budgeting and long-term financial planning. Openly discuss your debts, your feelings around those debts, and how you both perceive money management in the present and future. Remember, in the early stages, this is all about learning one another, not trying to sway anyone. You may be a spender, and your partner may be a saver, but neither of you are wrong (unless your Starbucks and Target accounts are outta control!). You just have to find a way to work together for the common goals you set.
Practical Budgeting and Planning: Creating a budget for your wedding is a great practice run for managing other significant expenses you’ll encounter down the road. Detail your current financial status, including any debts, and be honest about what you can afford for your wedding without compromising your financial health.
Looking Beyond the Wedding: Once the wedding is over, the real work of managing finances as a married couple begins. For those who've already walked down the aisle and are puzzling over how to merge accounts or handle debts responsibly, it’s crucial to understand state regulations and common financial practices, such as those in Ohio, where spouses are responsible for each other's debts, including student loans.
Navigating Financial Challenges Together: If discussing finances feels overwhelming, consider enrolling in The Marriage Class or seeking private coaching. These resources can provide guided, structured advice on creating a financial plan that works for both of you, ensuring you both feel secure and trusted in your financial decisions.
Navigating your finances as a newlywed doesn't have to be stressful. With open communication, honest discussion about money habits and expectations, and strategic planning, you can lay a healthy financial foundation that will support your marriage for years to come.
Feeling unsure about combining finances with your spouse? Join The Marriage Class for expert guidance on financial planning as a couple, or reach out for personalized coaching to build a robust financial future together.
XO,
Minister Sharnise