American Consumer Credit Counseling Provides a Financial Checklist for Newlyweds

Being upfront and communicating with your significant other is critical, especially when it comes to having a healthy financial life.

Personal finance is not the most romantic topic of conversation for a newlywed couple. However, in a healthy relationship it is essential that each person’s financial history, habits, goals, and values are open for discussion. To help couples share and plan their financial future, national nonprofit American Consumer Credit Counseling has created a checklist.

“Often, some of the biggest arguments between couples are on money and finances,” said Steve Trumble, President, and CEO of American Consumer Credit Counseling, based in Newton, MA. “Being upfront and communicating with your significant other is critical, especially when it comes to having a healthy financial life. Make sure you discuss key financial issues, challenges or goals as early as possible in the relationship, so there are no surprises along the way.”

According to a survey by lendedu, 53 percent of married individuals said that the topic of finances is the most stressful part of their relationship. The survey also found that 23 percent of high-income earners, 14 percent of middle-income earners and 7 percent of low income earners say that they have a hidden bank account or credit card to spend money.

American Consumer Credit Counseling provides a financial checklist that all newlyweds should go through.

1.    To combine or not to combine finances? Decide if you want to pay your bills individually or from a joint account.

2.    Discuss both of your spending habits. Figure out if either of you have any problem areas that need to be worked on, especially if a joint account is opened.

3.    Who will manage which financial…

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