Oklahoma Money Matters

 

::February Edition::

Welcome to the February edition of Financial Friday, Oklahoma Money Matters' online personal finance question-and-answer forum. This month, we’re answering a question about managing your finances after getting married.

I’m engaged to be married this fall. My fiancé and I, however, were raised with different views regarding money. What can we do to make sure we’re on the same page financially before we tie the knot?

The majority of Americans spend hundreds of hours planning a wedding — which colors to use, who to invite, what kind of cake to serve — but seldom plan for their marriage. So, kudos to you for thinking about your financial future as Mr. and Mrs.!

As part of your prenuptial planning, consider the following tips to help ensure marital — and financial — bliss.

Discuss your goals and values. The majority of financial plans are based on long-term goals, so it’s important to discuss your values and priorities. Work together to develop a family financial plan that reflects those objectives, and put it into practice before you say “I do.”

Review each other’s credit histories. You can’t begin to build your credit future until you understand your credit past. Create a plan of action to eliminate debt you’ve both incurred. Visit AnnualCreditReport.com to order a free copy of your credit report from the three major consumer reporting agencies.

Develop spending guidelines. Limit how much money you can spend without first consulting your partner, especially if you have a joint checking account or you share credit cards. Set aside money as each spouse’s weekly or monthly “allowance” — money you can spend freely without compromising your goals.

Be honest and communicate. Make finances a part of normal conversation, and when it’s hard to stick to the plan, focus on the positive choices you’re making instead of thinking about what you might be giving up. If you talk about money openly and honestly, you’ll avoid one of the biggest sources of marital stress.

Check out our Love and Money learning module.

If you have money-saving tips you'd like to share, email us at OklahomaMoneyMatters@ocap.org or visit Ask OKMM to submit a personal finance question for a future edition of Financial Friday. Thanks for participating in Financial Friday. Remember, there is always time to take control of your financial future!

The OKMM Team

Financial Friday is a service of Oklahoma Money Matters, the financial literacy initiative of the Oklahoma College Assistance Program, a division of the Oklahoma State Regents for Higher Education.

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