Talk to Your Spouse

You've discussed where you want to live, the next place to go on vacation, and whose family you'll spend the holidays with, but have you talked—really talked—about money? Financial issues are often a major source of stress between partners. Talking about money can lessen the stress and make sure you're both on the same page with your finances.

Start the Conversation

Knowing how each partner feels about money is a good starting point. If one of you is a frugal saver while the other likes to spend with abandon, you’re going to have to compromise. As a couple, commit to saving a specific amount each month. Then set aside a small amount to use as a splurge so the spender won’t feel deprived.

Who’s Handling the Money?

Designating one person to pay the bills can be a sensible approach to managing expenses and help minimize the possibility for a payment to be overlooked. Discuss which one of you will take on the task. However, both of you should be knowledgeable about your finances and able to assume the role of money manager at any time.

Income and Debt

Will you completely merge your finances or keep some things separate? As a starting point, each partner should know the other partner’s income. It’s also important for both of you to know about outstanding debt, including student or personal loans, car payments or credit card balances. Consider opening a joint account to pay shared expenses and having individual accounts for personal expenses you’re each responsible for paying.

Share Your Financial Goals

One of your most important discussions should be about your saving and investing goals. Share your feelings about the goals that are important to you, such as buying a home, funding college for your children, and saving for retirement. Both of you should develop a relationship with your financial planner, who will help you define your objectives and determine the best plan for achieving them.