What kind of Marriage Money Matters Should you discuss?

It’s always fun to discuss the excitement of your wedding plans, but what about the not-so-fun topics? Among these are your personal finances and how you plan to handle money matters as a couple.

A survey of engaged couples by the National Foundation for Credit Counseling “revealed that 68 percent of respondents held negative attitudes toward discussing money with their fiancé, with 5 percent indicating the discussion would cause them to call off the wedding.”

That’s not good. Before you take a vow to share the rest of your life with your significant other, you should have the money talk to determine whether you’re on the same page.

Here are the 10 important money items

or related money items

1. Share your philosophy on money

How do you feel about money? What are your thoughts on how your financial affairs will be managed? You should also both disclose what you learned about money as a child to gain a better understanding of your respective views.

2. Chat about credit reports and scores

After you’re married, you will continue to have your own credit file, but you may also share joint accounts — like credit cards, car loans and a mortgage. If your partner has bad credit, which will negatively affect the interest rate you get on joint accounts.

3. Disclose financial obligations

Is your money being spent in places that your partner is unaware of? Now’s the time to come clean!

4. Set goals

Do you have a list of short-term, mid-range r even long-term financial goals? Have you discussed them in detail with your mate? If not, put everything on the table and determine if you share common goals.

5. Budget

If you’re going to spend the rest of your life together, why not learn how to manage your money as a unit?

6. Talk about children

The cost of raising “a child born in 2012 is $241,080 for food, shelter and other necessities over the next 17 years, which translates to about $301,970 when adjusted for inflation.”

That being said, are children in your plans?

7. Plan for retirement

Assuming you’re together for the long haul, retirement savings will eventually be an important source of income in your household. Do both of you participate in retirement plans at work?

8. Will you have joint or separate accounts?

This potentially sticky topic should also be hashed out before you tie the knot. While a marriage is indeed a union of two parties, some couples decide not to combine their finances and to maintain separate bank accounts.

9. Share career plans

How do your career aspirations fit into the overall plans for the marriage? Perhaps one of you will take on a demanding job that will require the other to become a stay-at-home parent and rely solely on one income.

10. What’s your backup plan?

When money gets tight in a marriage, fear or frustration can cause discord. That’s why it’s so important to establish and grow an emergency fund.