Before my hubby was my hubby, we had the “money” discussion. It wasn’t a difficult discussion to have, but it was a difficult one to schedule. We both knew we needed to do it, but we kept putting it off.
In preparation for this talk, we agreed that we would each pull our credit report and share it with the other person. Talk about feeling naked! When you start looking at your life in terms of those 20+ pages from Equifax it’s a bit unsettling. Once the credit reports were printed, we had to share them. Then we had to look at them. All that took a couple of months!
Once we finally sat down for the talk, things went smoothly. Given that we are both older, we each had made long-term financial commitments to others in our families. He had obligations to his children and I had obligations to my parents. We discussed those and what they would mean to us and our financial future. It wasn’t a painful discussion at all.
Because of that discussion, we were able to plan our budget and individual contributions before we were married. We share expenses but we both keep our individual financial accounts. This has worked out well.
We don’t have his and her money when we vacation; we have vacation money. That led to an interesting “encounter” (I don’t want to call it an argument) during our last vacation. I’ll have to tell you about that in another post.
So did you have the “money” talk before you married? If so, how did it go? If you didn’t have it, do you wish you had?