Wedding season is right around the corner. In addition to making sure you have the dress, flowers, tux and invitations, be prepared financially.
The number one reason marriages fail is because of money issues. Before you jump into this life-changing commitment, make sure you both understand that marriage is a partnership. Be well informed and design a plan.
Here are some tips:
Open communication: Start by discussing all your financial issues, beginning with your debts. Being open with your spouse will help both of you set a goal on how to reduce debt. It might get difficult to talk about, especially when one person has much more debt than the other. Find a solution suitable to both of you.
Financial independence: Both of you should have some financial freedom whether it is $5 or $500. Discretionary income is a must for any partnership. Having your own money to spend how you like makes you feel that you still have some freedom in a relationship.
Discuss your financial future: Don't take advantage of your partner. If one of you is sticking to the budget and the other is overspending, sit down and discuss it. A budget for two doesn't work if both parties aren't sticking to the plan. Set goals that both of you want to accomplish in a certain time. Don't forget to have an emergency fund. Now that there are two of you, you have double the amount of potential for financial emergencies to occur.
Spending personalities: I am always the frugal one in my marriage. I tell my husband he wouldn't have what he has if it wasn't for me. I am the saver, he's the spender. Determine from the start what type of personality you have, then discuss openly the differences and how to handle them.
Equal responsibilities: Putting your financial future in one partner's hands can be risky. Knowledge about your financial situation will secure your future if your loved one gets ill, dies suddenly or decides to leave. Don't wait for a tragedy to occur to take responsibility for your money.
Merging two families: Do you have a brother who always needs a loan? Did someone in your family lose a job? Getting married means there are two families that might need your financial help. Talk about this issue before you write a check to a family member or friend.
Clearly, the solution to most couple's financial problems is communication. Be honest with each other about your wishes and concerns.
- Western Kentucky Small Business Development Center offers many free courses for prospective or existing business owners. Go to 1.usa.gov/1tBT2h8 to see what courses are available.
Celebrate National Nurses Week at Fazoli's through Tuesday. Wear scrubs to get a free Twisted Trio entrée with purchase of a drink. Must have valid identification or proof of employment also.
Set aside the weekend of June 6 and 7 for Free Fishing Days in Kentucky.
Do you home-school your kids? As part of its Book It! program, Pizza Hut is offering a free kit with 18 vouchers for free personal pan pizzas to give to your children throughout the year as rewards for reaching their reading goals. Sign up now for the 2015-16 school year. Enrollment is limited.
Mother's Day freebies
- Moms can go to Orange Leaf on Sunday and get a free 8-ounce cup of frozen yogurt. There's no purchase necessary and no coupon needed.
National Public Garden Day is Friday. Visit the National Public Gardens Day website and enter your location to get a list of public gardens near you with free admission.