Money Matters in Marriage

Like most people, I don't like talking about finances, but I promised myself I'd spend as much energy preparing for the wedding as I would preparing for the marriage... so I try to confront these potentially uncomfortable issues when I get a chance.

The New York Times published a few good articles on couples' finances a while back.

The articles, by Ron Lieber, are very helpful, if brief, and are in two parts. The first one, "Four Talks About Money to Have Before Marriage," outlines the ways in which marital finances are impacted by our upbringing, our expectations, our attitudes toward money, and other habits.

When it comes to this, I know I'm definitely not perfect when it comes to finances. I tend to hyper-manage my money, sometimes even programming my browser's home screen to go to my bank's webpage so I can remind myself of what I spend. Not surprisingly, I'm also a spreadsheet junkie. :)

This means, though, that I tend to over-budget, which leaves little room for surprises, and that I worry about money when sometimes I don't need to. I also attach guilt to my spending, which means I'm extremely frugal for a while and might blow it later. I can trace all this to my childhood, which was marked by economic ups & downs, and my fear of repeating my late father's money management mistakes.

But also, my father's death really was a catalyst for me thinking about money. I was 20 when he was killed in a car accident. Most vivid in my memory are all the times my father "had to work," and everything he missed as a result (we had an especially poignant conversation when I left for college, where he confessed that he felt he didn't really know me as well as he'd wanted, because he'd missed so much). Our relationship definitely suffered because of that, as did his marriage to my mom.

And then he was gone in an instant, and it didn't matter at all how much he had to work. And all those material things he'd amassed; they were still here, and he wasn't, and they didn't matter much either.

I decided then that for my life, for myself, security would always be more important than wealth. I don't mind driving a 10 year old car if I have the means to maintain it. Our house doesn't have to be the biggest, but if it's safe and clean and comfortable and everything works, I'll be happy. There are more important things.

Fortunately, my fiancé's approach to money wasn't shaped by anything nearly as traumatic. He had a more consistent upbringing, and doesn't feel guilty for the occasional splurge or two. He isn't near as spreadsheet-happy as I am, so he leaves that to me -- and I don't mind a bit!

The second article, "Five Money Woes That Can Trouble a Marriage," is more about the unexpected things that can get you down.

When a couple is facing the next 40+ years of their lives together, it's impossible to predict everything and pre-determine your answers to things. After all, many of the things that financially devastate us are also emotionally wrenching, and we can't say with certainty how we'd react in the future.

This article is more about finding out your responses to crises, and your approach to catastrophe, and a reminder to deal with things as a couple, as a team; and of course, everyone should have a nest egg.

Continuing this theme was the story of the Bachmuth family, whose young daughter is literally pulling her hair out from the stress Mr. Bachmuth's job loss has imposed on his whole family. Particularly interesting were the issues of traditional family/gender/breadwinner roles, and how a shift in those roles can be devastating (or not).

Many of the comments following the article are judgmental (okay, the couple's argument about firing the cleaning lady does sound a little out of touch), but the audio slide show puts things into perspective. From the pictures & audio, I saw a couple struggling with something they never thought would happen to them, and they are handling it the best they know how.

Do I think I'd react differently to that financial situation? Absolutely; I see a lot of issues here that seem bigger than the current economic crisis. But I can't judge. Who knows what marriage will bring? All we can do is promise to work through it -- together.



*Image of the book from Amazon.com.
*Image of the Bachmuth family by Michael Stravato for the New York Times.