Money Matters for Newlyweds

You’ve fallen in love and feel like you can talk about everything with each other. Your fiancé and you have talked about fun childhood memories, crazy relatives and all your hopes and dreams.

But have you talked about money? Money can become a source of conflict for newlyweds if they don’t have similar expectations. Spend a minute or two separately filling out this quiz and then compare answers.

A. Will you have a monthly budget?

1. Yes, we will use a budgeting worksheet/computer program for all expenses.
2. Yes, we will have a set amount to spend on what ever we want each month.
3. No, we will just buy what we want whenever we want.
4. I don’t know.

B. Who will pay the bills?

1. I will.
2. My future spouse will.
3. We will share the task.
4. I don’t know.

C. Will you have a joint checking account?

1. Yes.
2. No.
3. We will have a joint account and our own money.
4. I don’t know.

D. Does your future spouse have any credit card debt?

1. No.
2. Yes, but we plan to pay it off soon.
3. Yes, but we have not talked about it.
4. I don’t know.

E. What will you do with extra money (money left over after paying bills or work bonuses)?

1. We will make extra mortgage payments.
2. We will save it for retirement.
3. We will buy new clothes, appliances or whatever we want.
4. I don’t know.

F. Will you have an emergency fund?

1. Yes - about 10 percent of our income.
2. Yes – about $500.
3. No – We’ll have enough savings.
4. I don’t know.

G. What will you do about car insurance?

1. We will each keep our own insurers.
2. We will use one company because we will get a multi-vehicle discount.
3. We will only have one car because my spouse will use public transportation.
4. I don’t know.

H. Do you have life insurance?

1. We feel we are too young to need it.
2. Our employers provide life insurance.
3. Our auto insurance provider also offers life insurance.
4. I don’t know.

Now compare answers. The “correct” answers are the ones you both chose.

If either of you circled “4” for any questions, spend time talking about what you will do in these situations. Make sure you have shared with each other if you have credit card debt because it will become a shared debt.

Talking with a knowledgeable professional can help you achieve financial security no matter where you’re starting from.