Last month’s column suggested that readers use the dreary month of January to spend some time assessing their finances in light of the excellent returns posted by financial markets in 2023. Hopefully, this exercise was a good step toward having a more solid plan for achieving greater financial security.
In anticipation of Valentine’s Day: Lessening stress regarding finances should be a goal for both newly engaged couples and for those who have been married for a long time. Financial insecurity can impact relationships negatively, so having open discussions is this month’s recommendation.
For those who are currently planning a wedding, consider these tips:
- Before launching into full-blown decision-making mode, create a budget and track adherence to it. Outline key priorities and tally the amount of money needed each month leading up to and through the wedding date. Because even the most detailed bride and groom will have one or two unexpected items. Include an extra amount for unanticipated costs.
- If parents have offered to help with the financial cost of the wedding, meet with each side of the family to set timelines and financial expectations. Share your budget with them and communicate with them often throughout the months.
- Be sensitive to the commitment of time and money for members of your bridal party. Discuss with them in advance that you do not expect multiple gifts if they attend multiple events. For younger couples, remember your friends are just starting out too and need to plan for their own financial futures.
- Acknowledge that family members and friends may have different vacation policies with their respective employers ranging from “unlimited time off” to a few weeks, or no time off if they recently switched jobs. Do not assume that they can make every event, especially if they are also planning their own weddings.
For those who are already married, and often avoid discussing finances, not talking about money can cause more stress on a relationship than actually having the conversation. As a starting point, use a date night (Valentine’s Day?) to discuss:
- The many good financial decisions you have made.
- Specific goals to strive toward during 2024.
- Times when things may have looked bleak, but you made it through.
- Opportunities whereby you could use some of your good fortune to help others through charitable donations.
- Consider volunteering together to support a charity if you are not able to make a cash donation at this time.
Whether newly engaged or life-long partners, open conversations about finances allow couples to work toward common goals and enjoy the satisfaction of accomplishing them together.
For additional information on this topic outlined in previous columns: https://therecordnewspaper.org/editorials-commentary/cents-sensibility/
Beth Stegner Peabody is CEO of Stegner Investment Associates and a graduate of Sacred Heart Academy and St. Agnes School.
