Financial Checklist for Newlyweds
With more than 50 percent of divorces resulting from money problems, national nonprofit ACCC provides newlyweds with a must have financial checklist
(Boston, MA) – July 23, 2015 – When it comes to marriage,many couples often fail to look past the wedding day and the planning involved in living a happy marriage. The biggest issue is that more often than not, couples fail to discuss their finances, financial philosophies, debt they may be bringing into the marriage, previous budgeting experiences and financial goals for the future prior to the big day. That’s why national nonprofit American Consumer Credit Counseling is offering a financial checklist for newlyweds.
Finance remains a leading cause of stress in relationships, according to a recent study by SunTrust Bank. A Citibank survey revealed that 57 percent of divorced couples cited money problems as the primary reason for the demise of their marriage.
“It’s no secret that many couples argue about money, and it should come as no surprise that financial issues are also the cause of most divorces,” said Steve Trumble, President and CEO of American Consumer Credit Counseling. “Communication is key in any marriage, and especially when it comes to managing finances. Couples should take the time to discuss key financial issues, challenges and goals as early as possible in the relationship, so that there are no surprises when it comes to creating a strong financial future together.”
To help newlyweds through this far from romantic topic, American Consumer Credit Counseling has created a financial checklist of key personal finance topics to discuss with your significant other.
ACCC offers a financial checklist for newlyweds:
- Decide whether to combine or not combine finances. What will be paid individually and what bills could be paid from a joint account?
- Discuss both of your spending habits and values. Are there problem areas one of you needs to work on? Are either of you a master at Excel spreadsheets?
- Decide who will manage which financial responsibilities. Between the mortgage, cell phone bill and utilities, there could be many payments that need to be accounted for. Who will take care of what?
- Create a budget together. If you have a new home or have plans to purchase a new home, a combined budget will be necessary to keep track of your spending.
- Discuss both of your debts. This includes any student loans or credit card debt you may have carried into the marriage. it’s best to be honest up front to find the best solution as quickly as possible.
- Strategize debt repayment. Decide which debts are more pertinent based on interest rate and amount.
- Set your future financial goals. Will you relocate? Is there a baby in your future? Future plans need to be shared and included in a financial plan.
- Figure out if you will open joint accounts. Many couples decide to open a joint account but keep their primary accounts separate.
- Discuss any major purchases. Depending on the budget, many couples discuss a purchase that is anything more than $200.
- Review your finances monthly. Variables in life change every so often, it’s important to have your budget reflect those changes.
ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:
- For credit counseling, call 800-769-3571
- For bankruptcy counseling, call 866-826-6924
- For housing counseling, call 866-826-7180
- Or visit us online at ConsumerCredit.com
About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management and debt relief through education, credit counseling, and debt management solutions. Each month, ACCC invites consumers to participate in a poll focused on personal finance issues. The results are conveyed in the form of infographics that act as tools to educate the community on everyday personal finance issues and problems. By learning more about financial management topics such as credit and debt management, consumers are empowered to make the best possible financial decisions to reach debt relief. As one of the nation’s leading providers of personal finance education and credit counseling services, ACCC’s certified credit advisors work with consumers to help determine the best possible debt solutions for them. ACCC holds an A+ rating with the Better Business Bureau and is a member of the Association of Independent Consumer Credit Counseling Agencies. To participate in this month’s poll, visit ConsumerCredit.com and for more financial management resources visit TalkingCentsBlog.com.