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F I N A N C I A L P L A N N I N G & I N S U R A N C E
C H I C A G O W E D D I N G & P A R T Y R E S O U R C E
W W W . C H I C A G O W E D D I N G R E S O U R C E . C O M
74
By Matthew M. F. Miller
Soon-to-be-weds are often so blinded by
affection they’re either too busy cuddling
or too afraid of a lover’s quarrel to talk
money. Though not as glamorous, having
your financial ducks in a row before the
wedding is just as important as finding that
fabulous dress. And while a dress is for just
one day, financial security will set the tone
for a lifetime.
Think of it as relationship insurance.
Arguments over spending could leave you
singing the wedding bell blues before the
band has packed its instruments. Money is a
stressful topic and amidst nuptial stress, it’s
often pushed off until a later date, a mistake
that often causes strife once the honeymoon
is over.
If you want to make sure that the
honeymoon lasts longer than the ceremony,
agree upon a plan that both of you can live
with before you officially become a couple.
Take the following quiz from the Illinois
CPA Society. Answer “true” or “false”
to each of the following statements to
determine how financially compatible you
are with your mate:
1}
We are aware of and comfortable with
each other’s money personalities.
Some of us grew up in households where
parents watched every dime; in other
families money flowed freely. Some people
are natural spenders; some are savers.
Understanding your spouse’s background
and values can forestall future problems.
2}
We have discussed our short- and
long-term financial goals.
Setting your goals and priorities (More
schooling? Travel? A home purchase?
Children?) will decide your lifestyle now
and in the future.
3}
My spouse and I are well versed in
personal finance.
Most of us have no formal training in
personal finance. Working together to learn
more will build confidence in your shared
decisions. Meeting with a professional
advisor can be a good first step in creating
your life plan.
4}
My spouse and I have discussed a plan
to structure our finances.
Pool all your resources? Establish a joint
checking account? Divide responsibilities?
There’s no right or wrong answer; the key is
developing a plan that works for you.
5}
We have planned for the impact that
marriage will have on our taxes.
It’s very possible that you and your spouse
together will pay more in taxes than you
did as singles. Check with a CPA or tax
professional to determine the extent of
these changes.
6}
We have decided how to divide up the
money management tasks.
Who will balance the checkbook, track
expenses, pay the bills and monitor your
investments?
Married
Life . . .
Are You Financially
Compatible?