Marriages today face many challenges, from finding good jobs and affordable housing to planning for children and even preparing for retirement. Unfortunately one of the top complaints from marriage partners is the inability to communicate with their partner about money. Two people joining together is one thing… but marrying financial styles and spending can prove to be a challenge that often makes or breaks the marriage. It is important to learn the skills you need to communicate effectively about money.
Every newly married couple and those considering marriage should set some time aside to discuss personal financial goals and then use these to create a year financial map for possible expenses in each decade of their lives. Items to discuss should include:

• Current budget needs including housing, regular medical expenses, school tuition, child-support, etc.
• Future dreams such as schooling, travel, desired style of living and number of children.
• Past debts being brought into the marriage and the plan to pay off those debts.

Couples should also discuss the cost of living in the city where they plan to live, and the realities of running a household there. As you build your financial map consider expenses down the road like braces for your kids, setting aside money for college, and medical expenses as you age.

It is wise to consider taking a financial class together. These classes not only teach valuable financial skills, but they open up a platform for communication about issues and goals between partners.

It’s true that money can’t buy happiness, but partners who can communicate about their budget and have a strong understanding of their financil responsiblilties and respect for their partner’s financial needs remove one of the largest causes of conflict and stress in their marriage.