1.
Experience. People have different experiences regarding
money (learning mostly from their parents), so experiences may be
vastly different.
2.
Financial
knowledge. If
one partner has taken courses or spent time learning about financial
management, then he/she may feel more comfortable managing their
finances than the other who has not.
3.
Communication
and money. Most couples did not discuss
money when they were dating, but now that they are married must share
money.
4.
Talk about
money. Topics that might be covered
include:
a.
How will the
family’s resources be managed? Will one
partner take the lead or will both partners work together?
b.
How will the
couple set up accounts? Will the accounts
be in joint accounts or individual accounts (his and hers)?
c.
What life
style would the family like to lead? What
does the family enjoy doing?
d.
Will the
couple purchase insurance? What types of
insurance will the family purchase—health, life, property, disability,
and/or liability insurance? How much
insurance is necessary?
e.
How will the
family invest money? How much risk are the
family members willing to accept?
5.
Identifying
goals. Once you have discussed money, you
can establish what financial goals you want to achieve.
6.
Reaching
goals. Topics include:
a.
What are the
alternatives for reaching each goal?
b. What are the pros and cons of each alternative?
7.
Develop a
plan (i.e., a budget). Determine how much
money is brought in and how it needs to be spent consistent with the
family’s goals.
8.
Implementing
the plan. What methods will be used to
make the spending plan workable?
9.
Evaluate the
plan. Make sure the spending plan is
working and feel free to tweak it if it isn’t.