August 3, 2010 San Diego, California

Let’s talk money; we all want it yet not the problems it comes with. Money causes friction, often times between spouses; no doubt a top ten reason of divorce. So what can you do to avoid destroying your marriage with debt and financial worries? In tough economic times the best thing to do is to plan together ways to keep a marriage happy and debt free. Here are Hudson Group’s 5 tips to a sounder marriage.

1. Have the ‘money talk’ prior to marriage. How well do you understand your partner’s financial philosophy and how well do you agree with it? Each spouse should be made aware how the other spends and saves. Important questions to ask are how similar are yours and your partners spending habits? And is one willing to conform to the others?
2. Plan ahead and plan cohesively. Discuss your dreams and do not hesitate to dream big. It is an important aspect in any relationship to work together and meet goals developed by both parties. Do not just make a wish and hope for it; write what your goals are and keep revisiting them. Converse about the importance of money in terms of reaching your goals without your goals overtaking your financial situation. Dream big but do not overtly act without the financial support
3. Delegate financial obligations; it is important to know who will be responsible for monthly bill payments. Know how much money to save per paycheck and how much to delegate toward bill payment. Are you planning on having children; think about creating a college trust account. How about purchasing property, create a plan to make each payment affordable and short term. Be aware only paying monthly minimums can result in greater debt and longer time to pay for it. Do not leave life changing moments for last minute. Plan ahead to get ahead.
4. Just because you’re married does not mean you should rely on your spouse’s credit. Develop your own! Keep using credit cards but with caution. Take note that paying monthly minimum payments usually leads individuals into debt, make larger payments and if that is not possible contact a debt specialist before it is too late for your marriage.
5. Save for retirement separately! This may seem to be an odd suggestion but divorce does happen; around 40% of all newlywed marriages do end up in divorce.  Saving separately enables you to have funds in case of a divorce. Saving money separately will ultimately result in a larger sum saved up- more money will keep you better off and evade your chances from falling into debt.

Article was written by Sarah O Jones.