Friday , 28 October 2016

Getting Married? Here’s How to Create A Successful Money & Marriage Partnership

Conflicting money philosophies can wreak havoc on a relationship so, before theYour-key-to-making-Money rings, discuss the strings. You don’t need to be money twins about financial matters, just hold similar core values because if the relationship with money varies dramatically from your beau’s, you can rest assured conflict will eventually tarnish the bliss.

The above introductory comments are edited excerpts from an article* by entitled by Richard Russo, CFP, ( entitled The Premarital Lovin’ Laws – Consider the Money Strings Before the Rings.

The following article is presented courtesy of Lorimer Wilson, editor of (Your Key to Making Money!)and (A site for sore eyes and inquisitive minds) and has been edited, abridged and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. This paragraph must be included in any article re-posting to avoid copyright infringement.

Russo goes on to say in further edited excerpts:

There are many challenges to consider when it comes to taking a big step like marriage. Here are a few money smart steps to consider [even though] you may scoff at these overtures as being too radical.

1). In Lieu of a Wedding Throw a Debt-Relief Gathering – How romantic to slay one of the financial beasts of a successful long-term commitment.

  • Forgo a wedding reception… On average U.S. couples spend more than $25,000 on a wedding.
  • Throw a nifty party and focus monetary gifts on debt If you’re saddled with revolving debt like auto loans and credit cards…
  • Create a written promise to each other that out-of-control debt monsters shall never arise...

2). Create a Personalized Series of Make-or-Break Rules – If you’re serious, well then either the matrimony activities continue, are postponed or cease entirely, based on jointly-held money rules. Be specific when you create them. Here are examples:

  • If our individual credit scores are less than 700 (based on Fair Isaacs) then marriage needs to be postponed until scores are at least at or above the national average of 723. Marginal credit scores can mean more interest paid on loans including mortgage alternatives. Examine and follow steps to increase your scores on and re-visit this commitment in six months.
  • I shall provide proof of my good money habits before the marriage commitment is made. Get ready for money vulnerability – break out your budget history, open the Quicken, outwardly show that you’re taking health care insurance and disability coverage at work. Divulge your liabilities (of the financial kind). Too much debt, lack of insurance and absence of discipline may encourage you to reconsider a marriage at this time.
  • If individual monthly debts are greater than 25% of our gross monthly incomes, then marriage needs to be postponed until debts fall below set thresholds.

I know. I’m taking all the heart out of this, and that’s exactly the point. As a famous Godfather once lamented: “It’s nothing personal, it’s just business.”

3). Write out your Personal Money Philosophy and Share it with your Future Partner – If you’ve never formally considered a money philosophy it’s an opportune time to think it through – and you do have one; your money DNA has been with you since youth. It was formed by your parents, friends, and other outside influences.

Share the details of this exercise with your partner, yet work on this project alone. The end result is a couple of sentences that spell out sincere reflection about your ongoing relationship with money. Here are a few shared with me:

  • I’ve been afraid of debt for a long time and feel compelled to pay off debts quickly. My parents taught me to not dig a hole I can’t climb out of and I’ve always been that way.”
  • “I always make sure to have money in an emergency fund.
  • “I try to save at least 5% of my salary in my 401K.”

These statements don’t need to be pretty, they need to be real and reflect values about finances.

Consider fun yet money awareness exercises with your financial partners like the card “game” available at What an eye-opener when it comes to disclosing and understanding couples’ money personalities.

4). Consider Money Vows at the Wedding – Really want to shake things up? How about a money promise as a tie that binds? I’m not kidding!

Here are examples from couples who incorporated money messages in their vows:

  • “I promise to never make a big purchase without you.”
  • “I promise to never hide a financial mistake from you.”
  • “I hope for mutual respect and open communication if money issues arise in our marriage.”

Well, you get the point.

It all seems romantic to me, but then I’m a money guy.

What rules and tips can you create today around  a successful money and marriage partnership?

Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.


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