The money ‘talk’: The secret to a happy marriage

We’ve heard it often enough: About half of all marriages in the U.S. will end in divorce. One of the main reasons for breakups is money. Here are a few tips to keep your finances in order, while maintaining peace in your marriage.

Have the talk before you say “I do.”

If you’re thinking about marriage, talking about how finances will be handled before you get married can help get the union started on the right track. Having a plan of action to tackle existing and future debt, how to pay the bills, how to manage savings and having mutual goals is crucial in starting a good and healthy marriage.

Separate vs. joint finances

Some couples share their incomes and financial obligations, others don’t. Come up with a plan you both agree on in order to keep the peace. Figure out if money will come out of a merged or personal account and avoid fighting over who pays what by laying out something that’s feasible and reasonable as a couple.

One vs. two household incomes

Not all families are the same, and not all spouses work. A lot of times, having a one-person income can create friction in a household. It’s important to create a plan together, which will outline how money is spent and saved. Acknowledging that stay-at-home parents are as valuable and work as hard at home as the parent who heads off to the office every day keeps a strong bond between a couple. Even though only one person may bring in the dough, the responsibilities, decisions and concerns are shared and decided on as a team.

Budgeting and saving

Having a monthly written plan that details where each dollar goes can help keep calm and peace in a marriage. Couples often fight over how much one or the other spends or how much goes into dining out or entertainment. By having a budget to follow, it’s easier to agree on where money should go first (for example: food and shelter), then second, third and so forth. What’s left after paying all the bills goes into savings. The main thing is to agree that every dollar has a destination.

Shared responsibility

A marriage is a union, a team. Decision-making should be shared and a big part of it revolves around money. Avoid friction in a marriage by having an open policy to discuss financial matters together. Keeping it to one’s self can lead to unhappiness, stress, discouragement, frustration and even health issues. Share the burden of talking money terms. After all, it’s only a marriage on the line.

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