Your
Financial Future Together: What To Do Before Saying 'I Do'
(ARA) - With countless hours
spent planning for your big day, wedding preparations can be daunting for
both bride and groom. Unfortunately, amidst the whirlwind of decisions to be
made, many overlook an important aspect of planning that could greatly
affect their wedded bliss: discussing finances as husband and wife.
According to a recent survey
conducted on behalf of leading credit card provider Capital One, nearly
one-third of adults have never had a conversation about personal finance
with their spouse or significant other. It's no wonder money issues are the
number one subject of arguments between couples and a leading cause of
divorce in this country!
Dana Cilluffo, recent bride
and spokesperson for Capital One, suggests taking time to talk about money
as soon as possible, whether you're preparing to walk down the aisle or just
getting back from your honeymoon.
"It's never too early to
sit down and have 'The Big Money Talk,'" says Cilluffo. "Being
open about money at the beginning of your marriage will help you to work as
a team toward your future prosperity."
Following are tips from
Capital One for starting your joint finances off on the right foot:
To Do Before Saying "I
Do":
* Getting to Know You - Make
it a priority to learn the ins and outs of your spouse's financial status
including salary, savings, expected bonuses and investments. * Mine, Yours
or Ours? - Take the time to learn how joint bank accounts and credit cards
work. In the case of joint cards, each account has one primary applicant and
one co-applicant. The co-applicant might want to consider opening or
maintaining an individual card in their name only so that he/she can
continue to build a credit history.
* Mr. and Mrs. Money - As a
couple, sit down and review your combined expenses. Develop a budget and
short-term savings program, as well as a strategy to achieve long-term goals
and a comfortable retirement.
* Stay Tuned In - Even if
only one partner manages the bills, it is important for both partners to
stay fully abreast of the family's financial status. Set aside a few minutes
each week or month to discuss your current plan and readjust as necessary.
* Ask the Experts! - Consult
with a financial advisor, use personal finance software and/or log on to a
personal finance Web site to help you keep track and allocate your assets --
from mutual funds to a portfolio of individual stocks.
Courtesy of ARA Content,
www.ara.com, e-mail: info@aracontent.com
###
EDITOR'S NOTE: Source:
OmniTel Survey for Capital One
