9009 West Loop South, Seventh Floor, Houston Texas
1-866-889-9347		 CCCS of Maine
A Division of Money Management International
Regional Headquarters  -  111 Wescott Road, South Portland Maine
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Real World Advice On Money And Marriage
 
A recent California State University study confirms what the counselors at Money Management International (MMI) have always known, that money problems are a contributing factor in the decision to divorce. MMI sees far too many couples who devoted more time and planning to their wedding than their financial interdependence. For both newly married couples and long-standing marriages, financial communication is crucial. Before your financial relationship damages your personal one, consider the following:
  • Start a frank and open dialogue about your finances to determine:
    • Where you each currently stand in terms of debt. Both parties should list all of their outstanding debt.
    • Your money philosophy. (Saver or a spender)
    • Where you each want to be financially in three, five and ten years.
    • How will you tackle the bills? Will you split them 50/50 or will one partner pay for certain expenses in full?
    • Who will be responsible for paying the bills?
  • Track your expenses for one month and show each other where your money is going. Develop a plan to payoff as much outstanding debt as possible.
  • Determine whether or not you will open a joint checking or savings accounts. Sometimes it is best to maintain separate accounts.
  • Establish a savings account to begin putting money aside for big ticket purchases such as a home, starting a family, etc.
  • Discuss the financial issues surrounding starting a family. Will one spouse stay home? Work-part time? What are each person’s expectations?
  • Schedule one hour each week to discuss personal household finances.
Rick Dobson, vice president of education explains, “This exercise isn’t always fun, but it’s extremely necessary. Hiding debt or spending habits from your spouse only leads to problems. Approach the issues honestly and openly and you have a much better shot at a strong, healthy financial relationship.”


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Money Management International CCCS, A Division of Money Management International
Regional Headquarters - 111 Wescott Road, South Portland Maine
Corporate Address - 9009 West Loop South, Seventh Floor, Houston, TX 77096
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