There are many milestones in relationships
Your first date, meeting the in laws and your one year anniversary, but no milestone is bigger than marriage. Getting hitched is a big step, yet most couples haven’t had the financial “talk” when they walk down the aisle.
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Only a third of couples planning to get hitched or enter a common law relationship in the next two years have had serious discussions about their finances, finds a CIBC poll. Meanwhile, 40 percent of couples say they’ve only talked about managing their finances together “briefly.” This despite the fact 99 percent of couples said it’s important to talk about money as a couple. It doesn’t get any better once couples get married. 83 percent of couples have no idea when they’ll have the money talk and that they’ll “play it by ear.”

Couples spend months – even years – planning their wedding day, yet most couples don’t spend any time planning their financial lives together. A lack of financial planning can lead to fighting as a couple and can even end your marriage in a worst case scenario. A BMO poll of couples revealed fighting over money is the top reason for divorce (68 percent), followed by infidelity (60 per cent) and disagreements about family (36 per cent). That’s right, you read that right – fighting over money can be worse than cheating on your spouse in some instances!
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One of the major disagreements between couples about money is debt
66 percent of those tying the knot or living common law come into the relationship with some form of debt. Common debt includes credit card, mortgage, personal and student debt. Meanwhile, 46 percent of couples want to save up for a trip or vacation within two years of marriage. That debt can come as a rude awakening and cause couples to delay major milestones together like buying their first home and starting a family.

If you want to better your chances marital bliss, talking about money up front is key. The For Richer or Poorer report makes several suggestions for couples to get on the same financial page.

Don’t avoid talking about money
Once you decide to get married, start planning your financial lives together. There are several ways for couples to manage their finances, including sharing everything (one joint bank account), sharing expenses (a joint bank for paying expenses) and assigning expenses (you decide with your partner which expenses to cover).

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Plan to save
Money is a lot more than expenses. In order to accomplish long-term goals like buying a car or saving for retirement, you’ll need to figure out how much money you’ll want to set aside. You’ll also need to decide how that money is to be invested. If you’re looking for a low-cost investment option, ETFs are worth consider. Smart Money Invest offers a great selection of low-cost ETFs to help your money grow faster.

Know your money personality
 Before walking down the aisle, know your partner and your money personalities. There are four main personalities: the super-saver, the cautious spender, the carefree and the avoider. If you’re a super-saver and your partner is the carefree, it can lead to fighting once your finances are combined. That’s why it’s so important to talk up front about money to avoid fighting later on.

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