BUSINESS CENT$
1. Are we paying ourselves first?
2. Do we have a safety net?
3. Are we paying all our bills on time, every
time?
4. Have we reviewed our insurance needs
in the last year?
5. Do we track our spending to know where
our money is going every month?
6. Are we paying down high-interest-rate
debt first?
7. Do we know where our credit stands?
8. Are we saving for retirement?
It helps couples afford the "extras" that make life fun.
Building a solid financial future shouldn't mean forsaking enjoying life. When couples have a common understanding of how they'll prioritize and manage their day-to-day finances like housing costs, grocery and utility bills, it's easier to figure out where splurges fit in.
It helps avoid financial surprises.
Hearing your friends shout, "happy birthday" is a welcome surprise. What's not welcome is suddenly discovering you can't afford to pay this month's bills or that retirement is farther away than a pot of gold at the end of the rainbow. Being up front about money issues and sharing complete financial information with your significant other helps avoid financial surprises that can add unnecessary stress to a relationship.
While discussing money may not feel romantic, it certainly is emotional. So how do you get started? Here are tips:
1. Admit the conversation can feel
awkward, but commit to having it
anyway.
2. Pick a mutually agreeable time. Your
candle-lit Valentine's dinner may not
be the right setting. Pre-arranging
the conversation will help ensure
both people are mentally prepared.
3. Be open with your significant other.
Share your values and opinions about
spending and savings habits and
goals you would like to achieve
together.
4. Work at it. Commit to an annual
meeting to talk about money, credit
and whether you're on track to
achieve your financial goals.
By opening the lines of communication, you can get on the same financial page before joining financial forces.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. Wells Fargo Consumer Lending Group provides products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries. Wells Fargo Bank, N.A. is a bank affiliate of Wells Fargo & Company.
Findings were a part of the 2016 Wells Fargo &Company's "How American Buys and Borrows" survey. Over 2000 American adults ages 18 and older were surveyed. Survey results were not published in their entirety.