When you get into a relationship with someone, majority of the time this is determined based off your attraction, physical chemistry, and how well you two get along. But, what about finances? Does this play a determining factor when choosing a significant other? Now, please do not confuse this with a “gold digger” mentality. I am not asking if your beau MUST be rich before you date them. However, I am asking do you take heed to their spending habits, their financial planning, and credit score?
I was listening to the radio this morning and the topic of finances and marriage came up and it was said that more couples in their 20’s to early 30’s discuss finances PRIOR to getting married. Do you agree? Do you think you should discuss finances before you marry someone? I personally think these are good questions to ask/ consider before marriage and depending where you are in your relationship, this might be a good time to discuss as well while dating.
Understanding how someone handles money individually is a good indicator on how they will handle a joint account situation. If your beau is spending more money than income and purchasing more liabilities instead of assets, this could be a red flag for later on. Speaking to someone that you potentially will marry about finances is an important topic. When you get married, you expect to mesh things and build from there. If you have a mate that doesn’t understand that concept and would rather purchase sneakers instead of paying the rent, well, you may have a big issue on your hands. Communicating up front can help alleviate some of this concern and it will allow you to understand your partner on a different level.
I personally believe in separate accounts BUT there must be a joint account for bills and household expenditures. This may not work for everyone, so talking to your mate and determining the type of financial lifestyle you both will like to live is crucial before taking the leap to marriage. According to the SmartMoney study, the No. 1 starter of fights in marriages is the debt topic.  According to a Wall Street Journal article there are 6 main topics to discuss with your mate about finances:
1. Understanding your finances
2. Develop a savings plan
3. Make wise expenditures
4. Be honest about how much you owe
5. Create a budget
6. Seek professional help
Check out the links below for more details and hopefully you will have a better understanding about merging finances into your relationship