How to Set Money Ground Rules with Your Spouse

Opposites attract, often leading to romance, but an opposing viewpoint when it comes to money management could cause the big divide.

Can a saver and a splurger coexist? Yes, if both are committed to that familiar word, communication.

The ability to talk to our partners early in the union about household money management is a skill that could be practised. So if this topic is a challenge in your relationship, a full four weeks in a ‘money talk’ atmosphere will probably make it much easier.

There are resources available for free online that provide tips to help start the conversation. Take a look, for example, at the ForestersTM website (Foresters.com) in the Articles section under Tools. The topic All You Need is Love…and Financial Honesty gives us several valuable tips and ‘teachable moments’ on this topic, including the important role life insurance can play.

“Sound and responsible money decisions are essential to the well-being of families,” says Foresters president and CEO, Tony Garcia. A game plan for couples might start with the following:

• Make a monthly budgeting plan and agree on who will manage it

• Set ground rules on spending

• Discuss expectations on ‘found money’ like inheritances and income tax refunds

• Plan for unexpected hardships like managing on just one salary. Try to set aside at least six months of funds to cover expenses.

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