Money Mgmt Skills For Brides

Posts Tagged ‘bills’

For the last couple of weeks, I have been reminded in email from various people that peak wedding season is fast approaching. It is and one thing that remains true is this if brides and grooms do not discuss money before walking down the aisle, when money problems rear its ugly head there are a lot of couples that do not make it.

What are some of the common responses when money problems rear its ugly head? Continue reading:

1) Couples begin the blame game. Saying it is one another’s fault. Fault belongs to both if you chose not to discuss money prior to walking down the aisle.

2) Those same people that were at the wedding who were proud will be some of those same ones whispering that they didn’t think you would make it anyway.

3) There will be another group of people that stand on the side and say its too bad that they could not make it.

4) Silence becomes the norm in the relationship because the stress is so heavy.

5) Once silence sets in you continue being divided about financial issues.

Who will be responsible for your marriage becoming another number in the divorce statistic? If you are reading this and your wedding is days or weeks away, it’s not too late to begin The Money Talk Before The Commitment Walk. Get your copy today. Investing in money communication will be of more value to you than a blender, microwave or some other gift.

Do you realize that if you do not value your money and marriage relationship, more than likely no one else will either? Why do I say that? How many people have approached you that were in a position to teach you about talking about money and marriage issues? Really take some time to think about this - during an engagement you meet with many professionals - florists, caterers, people in bridal shops, venue, wedding officiants, premarital counselors and more.

Has anyone broached the subject of financial communication with you? While you are choosing those flowers and spending money for the wedding day, what are your thoughts about the day after and the next day and the next day. Sure you should have a beautiful wedding. In ADDITION to that, I say, let’s have a marriage that is ready to handle any financial challenge that is presented. Let’s have a husband and wife that will not point the blame or be ready to call it quits when the first financial obstacle arises.

Finances is a topic that people are not comfortable talking about. Why you ask? Because most people have made their own mistakes and do not want people to know about it. People are also taking it for granted that the bride and groom already know about finances when in actuality, some brides and grooms do not even discuss finances until after they have said “I Do” and a problem presents itself. I want you to know about the mistakes I made, especially if it can keep you from repeating them and keep you from going through what I went through. My husband and I came to our marriage with at least $30,000 in debt. We cleaned up our debt (making approx $20,000 a year total) in two and a half years without filing bankruptcy.

I am comfortable sharing and happy to share. I will tell you the good, bad and ugly. Not afraid and will not hold back. Now you know me, willing to provide answers and a program that you can use throughout the lifetime of your marriage. When you do not openly communicate about finances look at this chain of events that happen:

Financial problem begins - arguing starts - finger point ensues - husbands and wives stop talking to each other - go to bed mad - work performance begins to deteriorate and it continues from there.

Take this opportunity to not even be in this chain. Invest in your marriage today. If you are a parent, invest in your son or daughter’s marriage. Do you know it is very hard for an adult son or daughter to come to a parent and ask for money? Give the one gift that no one else is giving - financial education for a marriage.

Go to www.DebtAtTheAltar.com for your premarital financial education program.

There are people that are in your life from childhood that you can pick up the phone and call to this day. Then there are people that you met in college and it was only for that season. Then there’s that group that come into your life for a specific purpose and then they are gone. or a long time and there are people that come into your life for a season. The economy is financially affecting people all over the world. While you are preparing to walk down the aisle, more than likely you have had to re-evaluate your wedding plans.

As I was thinking about engaged couples this morning, I wanted to ask you to make a list. I want to ask you to take out some paper and make two columns. The first column write Have Talked to About Money and Money Secrets, the second column write Could Talk to About Money and Money Secrets.

Once you have done that, make your list. If you are on the left hand side and you have people on your list other than your groom, what are you waiting on? Why haven’t you talked to him? Are you aware that money is one of the top reasons for divorce. Are you willing to place your future marriage in jeopardy by not talking about money.

Let’s look at the second column - who could you talk to about money? If you have people on this list other than your groom - you should proceed with caution. The concern is that you have not talked to your groom and you don’t think you could for one reason or another. It takes money to pay for the wedding, purchase a house and a car as well as many other things. Why aren’t you talking to your groom.

I would like to know, who is your own your list. Send me your comments.

Money for some reason continues to be a taboo subject. People do not want to talk about it until they are faced with a situation. Unfortunately waiting until their is a crisis can lead to even more issues versus reducing the problem.

When there is hidden debt - it can lead to divorce, overspending, bankruptcy and even separation. The cost of financial infidelity results in:
1) Arguments
2) Hasty Decisions
3) Separation
4) Going to bed hurt, mad
5) Silence throughout the marriage on the subject of money
6) Fingerpointing - when in all actuality both are responsible
7) Decline in work performance

Whether you are reading this as a parent, clergy, relative or even the couple themself - we all know couples that could have benefited from premarital financial guidance resulting in learning how to talk about money. Yet, we take for granted that these couples are talking when in actuality most are not.
What is the benefit for allowing a couple to walk down the aisle without giving them tools to aid their marriage beyond the wedding day?

Financial transparency during the engagement leads to a stronger marital relationship and continued transparency. Financial transparency provides:
1) Trust in the marriage
2) Mutual financial goals
3) Long-term plans for the relationship
4) Healthy financial boundaries that both agree to
5) Greater intimacy in the relationship
6) No stress
7) Work performance excels and could lead to more promotions
Planning fabulous vacations without financial worries
9) Preparation for becoming a family with children
10) Discussing and setting a goal for affordable homeownership
11)Times where you can splurge without concern
12)Opportunity to learn from previous financial mistakes and grow together
13)Taking responsibility as adults and much more…..

Can you put a price tag on financial transparency? The value of it far outweighs any cost. The cost of financial infidelity costs and leaves a bad taste in people’s mouths regarding relationships.

What will you choose today? How do you want your marriage to play on the screen in your head?

All too often we hear about these stories in the news where men are killing women and money is a factor. There have been even more stories since the economy change where men have killed their entire families and some of the causes was being overwhelmed by their debt. I ask you how much debt does it take for people to act out character. Let’s review:

Remember the Laci Peterson case with Scott Peterson. Prosecutors said that he killed his wife and unborn child due to increasing debt and a desire to be free from obligations.

Second case that I found was the April Greer case who was murdered by her boyfriend, Jerry Lynn Stuart, Jr. Not really clear as to why he murdered her, but according to the post I read on thegreatseparation.com - Stuart’s troubled childhood of abuse and poverty created a personality disorder that was triggered when he found out Greer was being unfaithful.

Now we have the Craigslist killer who is a young medical student with a fiancee. He has a $130,000 in student loans. I am wondering if he and his fiancee discussed finances. Sure she might have known he had student loans but maybe not the extent of his debt. This debt in my opinion caused him to take actions that he might not have otherwise taken.

I ask you, the parent do you truly know your son or daughter’s future spouse background? What does their financial picture look like? Do you even know your own son or daughter’s financial habits? Clearly in case after case, parents are heartbroken, cannot believe their son or daughter would behave this way. Yes they are grown ups, however it is apparent people still need to learn effective and regular communication about money in a relationship.

Think about the financial challenges you have had during your marriage. Would you want your son or daughter to struggle as you have? Let me encourage you while you are spending money on their wedding or anniversary gift, take a life long step and invest in their marriage. Provide them with the tools to teach them how to talk about money throughout the lifetime of their marriage. That is truly one gift that will change lives for the better and give them steps they can take together for the benefit of the marriage.

Communication is essential in all relationships. Being honest and willing to share upfront can prevent and relieve financial stress and strain before it gets to be unbearable.

Personally, I would not want our son or daughter being put at risk because of a lack of finances and their spouse feeling as if they have no other options. Think big picture beyond the wedding day and equip them to handle financial challenges that DO arise in marriage.

We have all heard that money is one of the top reasons for divorce. Whether that is a lack of money, overspending or even mismanaging - the bottom line is money is a crucial area in marriage that needs more attention. Not attention in the aspect of pointing the finger and assessing blame. But the kind of attention that you would give to your child, profession or even purchasing a car.

Everyday people are walking down the aisle without discussing their financial backgrounds. I have seen it firsthand engaged couples walk by my booth at a bridal show, pick up the material read and acknowledge that they need it and walk away without it. What does a marriage have to gain by a couple ignoring their financial mistakes? Result could be they end up becoming one of those divorce statistics. Why should they — when they knowingly chose not to discuss finances prior to marriage. Then once the financial picture is revealed they want out of the marriage.

What does that have to say about the husband or the wife? That when times get tough they will want to run instead of facing it head on together for the benefit of the marriage. Does it say they are not willing to accept responsibility for their individual financial mistakes which will cause them not to accept responsibility in other areas of their life? No one likes a person that shifts blame or accepts responsibility from their mistakes. One of the problems with this is that person continues to repeat their mistakes without growing and learning from them.

Marriage and money issues are not to be ignored. People have already done that and look where it has gotten them. I am sure just like me, you know a couple that did not talk about their finances with each other and ended up in divorce court. Take a stand for your relationship today.

I can imagine the look on your face as you read that title. Terms and conditions are three words that apply when preparing to walk down the aisle. Have you discussed with your bride-to-be the terms and conditions regarding her financial background? If you said no, then let me help you prepare for this initial conversation.

When we think of the word terms – it means words with precise meanings. When you are using the word terms in the context of money and marriage it could be used as follows: Hello Bride, let’s discuss the terms in finances to see what they mean to you. Then you can begin going down a grocery list or checklist of terms such as bank, asset, liability, credit, debit, savings and withdrawal. With each word you want to discuss what they mean to her and how they apply to her life.

You might be surprised that for some people it will make them uncomfortable because it will seem that you are prying into an area that you have no right to ask questions. If you’re engaged, then this should raise a little bit of a red flag. What is with all the secrecy? It is important that you know what you are getting yourself into. I discourage you from saying “I Do” based on face value. When I say face value, I mean cuteness. Take the time to discuss the terms and conditions.

Speaking of conditions, now you want to ask what is the condition of your finances? Do you have debt? Are all of your bills paid on time? How many credit cards do you have? These four questions alone are enough to begin talking with each other about your financial information. True enough, it is a hard discussion to have; however when you begin, you will be so glad that you did.

There is no reason money should still be a taboo subject in 2009. Do not spend your time worrying about it and thinking about, it’s time to talk about it and take action. Once you are married if you have not discussed the terms and conditions prior to and find out about debt, this can upset the applecart as they say.

Take the time now to discuss the terms and conditions as you prepare to walk down the aisle. You will be amazed what openness and honesty about finances can do for a relationship, let alone an individual who was once in the dark about the other person’s finances. Let me encourage you to be on the side of your spouse, not against her. Establish a mutual understanding about the terms and conditions prior to beginning this discussion. The result can have lasting effects in your relationship.

Congratulations you are with the one you love. It is safe to say you have spent a lot of time together getting to know each other. You are engaged and planning the wedding of a life time. I remember exhibiting at bridal shows and all the brides going from booth to booth with family members and friends discussing specific items. It warmed my heart as I thought about these couples preparing to open a new chapter in their life.

As you are beginning this new chapter, I would prefer that you walk down that aisle with insight versus being in the dark. Before I continue, there are some of you that might believe you are prepared and could say “I Do” right now. We are about to find out. Understand this part will be fun but there is a serious side to it. Do not discount what you write. I ask that you be honest as you answer the question.

The purpose of this exercise is to open your eyes in an area that is one of the leading causes of divorce. It is to make you truthfully look at yourself and recognize where you could need some help and be more forthcoming about your financial picture.

If you have 5 or more yes answers then you are an Asset to yourself, will be the same in your marriage and will more than likely not keep financial secrets.

If you have 5 or more no answers then you are a Liability to yourself and will be the same in your marriage if you do not take steps to become a better financially oriented person.

If you have an equal number of yes and no answers, then you are in the middle of the road. You probably would benefit from some additional unbiased guidance to ensure you enter into your marriage with a goal of financial success and not failure.

Take out a sheet of paper and number from 1 to 10. Then write Y or N beside it after you read the question.

Are You An Asset or Liability?

(1) You have talked with your fiancé about your debt? Yes or No

(2) You have always paid your bills on time? Yes or No

(3) You believe that you and your fiancé should have separate accounts once married? Yes or No

(4) You know how to talk about money during engagement? Yes or No

(5) You have managed money well as a young adult? Yes or No

(6) You are a shopper and your fiancé has no idea? Yes or No

(7) If your fiancé lost his job once married, you would stay the course? Yes or No

(8) Would you be willing to share with your fiancé what you are being paid? Yes or No

(9) You would admit to your fiancé if you had a previous bankruptcy? Yes or No

(10) If your fiancé is bringing debt to the marriage, will you still marry him? Yes or No

(11) Do you believe that financial mistakes can be forgiven? Yes or No

(12) Would you keep financial secrets from your fiancé? Yes or No

Did you wind up being an Asset or a Liability? An asset means useful or desirable thing.
When you enter into your marital relationship even in the beginning you should be an asset bringing value. Or did you wind up being a liability which means debt owed. If you are a liability, you can take positive steps to change that for yourself and your relationship.

The above questions are to help you focus on a very important part of marriage. This was an eye opener and know that The Debt CAN Stop At The Altar. This tool can help you even face the reality that you need to begin talking with your fiancé about money even if you find it painful.

Yesterday, I posted the Engaged Couples: Announcement with a twist on the traditional vows. If you missed it, read it here at this link:

http://debtatthealtar.com/engaged-couples-announcement-twist-on-“i-do”/

If you have finished reading that post, I hope it made you think and want to ask questions. If you are not talking about money due to fear or something in your past, you are essentially saying the above could very well be the vows you are willing to take. Are you willing to take that risk and aid your soon to be marriage in becoming a divorce statistic?

I know you are going to get tons of advice prior to getting married. Some you will want and be thankful for and then there will be some that you do not need. Then there will be advice that you were hoping you could receive and did not get.

Love yourself enough to begin the Money Talk. The Money Talk should not be all peaches and cream because if it was, I would believe someone was not being honest about their financial picture.

Divorces occur because of a lack of money, money mismanagement, and even financial secrets. When the secrets come out, the spouse begins to feel as if the relationship was not built on trust.

Ask the hard questions so no one walks down the aisle feeling
unprepared. You do have a choice and control.

When I first thought about writing this post, it was initially meant to be about money and the wedding. The more I thought about it, I one could actually apply this to any part of your life where you spend money. But I digress, this post will be written as intended discussing money and the wedding.

Many brides-to-be who are also planning their wedding are faced with the economic realities of not being able to have a big elaborate wedding as they once dreamed. They must now decide what they are willing to spend their money on and what they are willing to do themselves. The decision is overspend and have financial challenges upon returning from the honeymoon or reduce the wedding budget and have an intimate gathering which will not bankrupt anyone’s finances.

Let me assure you, from my own personal observations and having officiated several weddings, spending a large amount of money on a wedding does not guarantee happily ever after. I have been to weddings where a lot of money was spent and the marriage did not last two years. Then I have attended weddings that were small and the marriage continues.

Do not get me wrong, I am not saying that if you have a large wedding you are automatically headed for divorce court. I believe based on the current economy, it is important to make your wedding a wedding that has no financial regrets. By being honest about your financial picture as you are planning your wedding, this can make the beginning of your marriage less stressful when it comes to finances.