A Couple Guide to Managing Money
Staying Financially in Synch, ‘Til Death Do You Part
By Suze Orman
You marry for love, but don’t think that love is all it takes to stay married.
For my money, not being on the same page financially is a sure ticket to marital discord, if not divorce. Based on thousands of conversations with stressed-out spouses over the years—from newlyweds to couples working on their 20th anniversary—an inability to agree on money matters is one of the leading causes of busted relationships.
And it makes perfect sense. The simple truth is that money issues are with us every day. For couples who are renting, there’s the pressure to save up fast for a down payment—which is especially intense in this hot housing market—followed by the stress of trying to choose the right mortgage. Meanwhile, couples these days that own a place are wondering if it makes sense to take advantage of the big run-up in home values and do a cash-out refi, or use their home equity to pay off credit card debt, the kids’ college bills, or a five-star vacation. Then there’s retirement to worry about. From your 401(k) to a Roth IRA, the two of you have to make all the decisions, which means plenty of opportunity to disagree with your partner. Add in the ongoing worry about being able to afford your kid’s college education, or pay off a dangerous five-figure credit card balance, and you and your significant other are surely not going to get by on love alone.
You get my point: money is front and center in our lives. So if you and your partner aren’t in financial sync, your marriage is going to be in deep trouble.
