Written By: Lateisha Johnson, Licensed Financial Coach. Author. Founder of Wealth & Wellness Network
You’ve most likely heard the statistics:
· The leading of cause of stress in a relationship is finances
· The number one reason marriages fail is because of money issues
· Hiding money from a spouse is common
Let’s face it! Money is not “everything,” but the lack thereof can cause turmoil in a marriage. Most couples have a difficult time combining finances when they marry because they don’t properly prepare prior to the wedding. So it is crucial for you and your partner to have an open discussion about money prior to tying the knot.
Here are some practical ways to make the transition from the single life to the married life.
Begin With SMART Savings
A SMART savings is not referring to the SMART goals you may be familiar with (specific, measurable, achievable, relevant and time-bound). It references a budget for specific wedding and living expenses.
Several Marriage Accounts Reserved for Tasks – which means to put aside cash for various expenses.
Contrary to popular belief, there shouldn’t be just one budget for the entire wedding. Each respective area should have a budget. For example: $10,000 for entertainment, $7,000 for catering, etc. Reserving a savings for specific tasks allow couples to stay within budget, avoiding added stress to the marriage once the wedding is over.
Don’t Underestimate The Power of a Financial Professional
One of the most under-utilized tools is consulting a money management professional who can guide you and your significant other during this lifestyle change. For many couples, blending finances can be complicated. Two people who have been independent for decades often find it hard to make such an abrupt change. It is important to discuss how the finances will be managed prior to getting married to avoid arguments about it later.
This is where a Licensed Financial Coach plays a vital role. Having a Licensed Financial Coach lays the foundation for both wedding essentials and after the wedding needs. It is not about just creating a budget for the wedding, but to also have necessities in place for life after walking down the aisle (Life Insurance, Home Insurance, Investing in Assets, etc.).
It is also equally important that you connect with a Licensed professional, not a person who uses the title “financial advisor,” “money management,” or “life coach.” Be sure that this person has a track record and is licensed with the state/federally.
To learn how you can get a COMPLIMENTARY financial game plan, go to www.lateishajohnson.com.
Remember Life After The Wedding
Although this is self-explanatory, most couples absolutely don’t prepare. Often they put so much emphasis on the wedding that after the honeymoon phrase is over, many money problems arise. Take the time to communicate and prepare.
Preparation is key! Plan to be financially equipped.
Note from Randi Martin @ Trilogy Event Design:
Be sure to continue to follow Money & Matrimony on #weddingwednesday thru April 10, 2019.
Until next time…
Glitter Wishes & Unicorn Kisses
