Yep, let's go one step further in financial planning: financial planning with your marriage in mind. You know clear communication is crucial to any relationship. And when communication breaks down, so does the relationship. Lack of communication is the reason more than 50% of marriages end in divorce. And, lack of communicating about finances holds the majority of those cases.
Marriage Financial Planning Is A Great Start
Marriage financial planning is helpful for many reasons. First, it forces couples to pay attention to financial issues, such as:
- Buying a house
- Living on one income
- Opening joint accounts
Next, it forces discussions to center on spending as well as budgeting. I was giving a seminar at Verizon on FICO scores. But learning all the things that go into increasing your FICO score does no good if you don't have a solid foundation for your day-to-day finances. So that's why we spent the last quarter of the seminar on budgeting. If you budget your spending, your FICO score will take care of itself. This will encourage saving, which will provide financial peace of mind.
Investment or Expense: The Dark Side
There is a catch: you have to spend money on your therapist. It probably won't be cheap, depending on the number of sessions you attend. However, it is an investment, an investment in your financial well-being and your emotional livelihood. Ironically, it will cost you some bucks to make sure your bucks are on solid groud.
If you're married and didn't see a marriage financial counselor before you got married, would you do it if you had gotten the opportunity?