Finance Quick Answers
I will be getting married soon and my future spouse and I have different views on money. What can we do to help us have "money harmony"?
Money represents various things to individuals. Sorting out the meanings and feelings associated with money and financial decisions is an important task especially in a new marriage.
Olivia Mellan, author of "Money Harmony" talks about
various ‘money personality types’. It is important to
reach an early agreement on how money will be handled in
a new marriage.
Young couples should concentrate on establishing long
and short term financial goals, make a spending plan,
determine types of insurance needed, establish a savings
and investment plan, and develop an effective record
Common financial errors young couples make include:
over commitment of income, failure to manage resources,
failure to set goals, emphasizing current needs and not
thinking about the future or what changes could occur in
their life cycle.
Source: Burke, B. (1996, July). Marriage and money. UE Person to Person, 2.
Sandra McKinnon, Consumer & Family Economics Specialist, University of Missouri Extension
Cynthia E. Crawford, Ph.D., Consumer & Family Economics Specialist, University of Missouri Extension
Last update: Friday, July 25, 2008