June is the most popular month for weddings, according to Almanac, and before couples head down the aisle, Augusta University Economics Professor Mark Thompson is offering advice to help newlyweds endure the “for richer or poorer” times of life.
Have the money talk. Since financial difficulties are one of the leading causes of divorce, the earlier you talk about financial matters, the better. Be honest about your debt, your views on money, and have regular conversations about your progress.
Set goals: Along with talking about your present financial status, begin mapping out a strategy for realistic short-term and long-term goals. Work together to make saving a habit and decide whether you want to own your assets jointly or individually.
Make a plan for the future: Review joint and daily expenses, and develop a budget to determine how much you want to spend monthly. Be sure to allocate for unexpected or irregular expenses, like doctor’s appointments, and keep in mind your budget is a work in progress and will undergo adjustments along the way.
Get your business in order: Update official documents to reflect your new name and secure your financial future by working on items such as a will, end-of-life care, insurance policies, and even start putting money aside for retirement.
Dr. Mark Thompson serves as the associate dean of the James M. Hull College of Business at Augusta University, and has been cited in various national and regional publications. He received a doctoral degree in economics and a bachelor’s degree in business administration from Texas Tech University. Visit Augusta University’s Expert Center to view more of the university’s online resource of professors, doctors and professional staff with expertise in cybersecurity, political science, healthcare, business, and more.