Marriage and Money: Why saying what you think about finances is as important as saying “I do”

As the summer wedding season swings into high gear, prospective couples are thinking about flowers, music and the weather for their big day. But there's another topic they should put on the top of their "I Do To Do List:" discussing their current financial situations and their money management approach.

It might not sound romantic, but it can pave the way to keep the romance intact. Anxiety, arguments and anger about money matters do more damage to marriages than nearly any other factor, according to research by sources such as Kansas State University, the University of Michigan and the Association of Economic Research.

Prospective marriage partners can tackle major money topics in two stages. First, talk through current financials. The Association of Economic Research suggests the following topics:

-- Investments, including retirement funds

-- Income

-- Credit score

-- Debt, including credit cards, student loans, and all other loans or credit

-- Judgments, repossessions, and other credit blemishes

-- Monthly debt payments

Next, talk over how you feel about money and how you prefer to manage it.  Some sample conversation topics: 

-- When it comes to money, what makes you happy – shopping sprees or steadily growing savings accounts?

-- Do you see monthly budgets as a burden, or do you track every expense?

-- Are you a “set it and forget it” investor, or do you like to be actively involved in managing your own portfolio?

By talking through these topics and being flexible about differences, couples can set realistic financial goals.

And by mapping out how they will work together to meet shared financial goals, couples can gain confidence in the financial decisions they make now, and in the future.

Need some marital advice -- the money kind, that is? Stop by the branch and we'll talk it through.

PENNY TROTH manages the Woodinville branch. She can be reached at 425 381-4920 or penelope_e_troth@keybank.com.