Marriage And Money

Here’s what Ilyce had to say on the Ilyce Glink Show, April 10, 2005

Charles and Camilla, the Prince and new Duchess of Cornwall, decided to forego a prenuptial agreement.

Which is fine for them – they probably didn’t even discuss their finances.

Still, most of us don’t have the resources available to Britain’s royal family, or Bill Gates for that matters. Money matters in a big way and that’s why you and your loved one should talk about money before getting married or moving in together.

How do you start? Consider sitting down, over a glass of wine, and asking each other these questions:

• How much money/debts do you have? How much do I have?
• Are you a spender or a saver?
• What do you spend your month on each month?
• Do you know approximately how much things cost? Where do you go shopping for food and drugstore items? Do you know the least expensive place in town to buy things?
• How do you feel about discount stores?
• Do you know how much your current credit card bill will be?
• Do you know how much money is in your wallet right now?
• Do you know how much total debt you owe and how much you spend on interest in a given month?
• What kind of billpayer are you?
  – What kind of gift-giver are you?
• What are your financial dreams? How do you want to live in the future?
• What would you cut out of your budget in order to live on less? What trade-offs are you willing to make?