How to Talk About Debt Before Saying I DoFeb 13, 2018
You may have found the one and be so in love, but it doesn’t necessarily make talking about money any easier for some people. According to our recent Debt Confessions poll, 36 per cent of Canadians in a relationship rarely or never talk about money. In fact, only 62 per cent of couples had talked about debt before they were married. If you’re planning a wedding, plan to open up the lines of financial communication to avoid frustrations and debt.
Talk about your priorities
The majority of those surveyed in our poll said that they’d like to be able to change one or more of their partner’s habits–like overspending or not using a budget. However, as seen in this other poll, about 30 per cent of couples said they went over budget on their weddings. Before saying “I Do”, you may want to discuss financial goals and priorities with your future spouse in order to avoid any financial surprises or frustrations. Be clear with your partner as to what is most important to the both of you, and discuss and set a budget for your nuptials, and your future lives together.
Expect the unexpected
There are many surprises with wedding planning just like financially setting up your lives and the disappointments or challenges can be frustrating.
Make a commitment to sit down, go over your budget, and adjust your plan regularly to avoid surprises. Discuss with your partner what your goals are and how you plan to accomplish them. For example, if you’re planning a wedding, brainstorm alternatives that will help keep your wedding dream on track but help you avoid debt.
Read about Christine’s experience with wedding planning at The Wallet Diet financial blog. She and her partner kept a detailed budget and this may help you set your own goals as well.
Set the stage for the long term
It’s no secret that wedding planning is a stressful experience, full of jubilations and stress, both on a personal and financial level.
If you and your partner can commit to open financial communication about your goals and plans before the big day, you’ll have set the stage for your financial relationship.
The more you can talk about finances, the more likely you are to avoid debt and financial problems in the future.