5 Money and Marriage Talks

Had the money talk with your partner yet?

Uncomfortable as it might be – doing so could reduce a whole load of cash-related tension later.

Only 53 percent of couples say they make equal decisions about their household’s finances.

To ease the conversation, Ellie Sullivan, SVP and Marketing Director at SunTrust Bank, explains the top five things to discuss with your partner to be on the same page, financially.

Basic budgeting and spending – whether you will keep or open one household checking account in both your names, or have separate individual accounts and another joint account for household expenses.

Plan how you will finance school and college education commitments if you have children. The best time to have this talk is before planning for kids.

Decision-making protocol. Decide which decisions will be made together, and which can be delegated to one person or to an advisor.

Discuss your risk threshold. Detail how comfortable each partner is with risk, such as making investment decisions and level of debt to take on.

Plan your approximate ages of retirement and what your retired lifestyle will look like.

Financial talk balances out different approaches you and your partner may have towards money. Are you super organized but your spouse isn’t? Does he want to retire at 45 and travel the world, while you’re content to work until 65?

Talking it out together with a financial planner helps couples articulate previously unspoken ideas.

Two times when you should insist on visiting an advisor together? “When you’re in the “kick-off” phase with a new advisor, and during your annual review,” says Sullivan.

Bonus PINK Link: Once you’ve made your financial vows, it’s worth renewing them too.

Still have a question? Ask our SunTrust .

By Ruchika Tulshyan

“If you’re well educated, you might not be able to control your circumstances, but you can control your response.”
Condoleezza Rice