Gain Some Financial Style for the Walk Down the Aisle.

Illinois CPA Society stresses importance of financial compatibility; couples quiz provides starting point for talking about finances

CHICAGO, Aug. 1 /PRNewswire/ -- In the midst of another wedding season, it is important for couples to have the money talk before tying the knot. Money plays a huge role in our day to day lives and it is especially important to share your perspectives on money, how each views it and the role it will play in your relationship.

The Illinois CPA Society urges couples to discuss financial matters to help make sure your money management styles are as compatible as you are in order to help avoid future confusion and big disagreements. Believe it or not, many couples find it very difficult to talk openly about their finances. In fact, finances are one of the number one reasons many marriages end in divorce.

"The fastest way for wedding bells to turn into wedding blues is by not addressing your financial compatibility before you say I do," said Elaine Weiss, president and CEO of the Illinois CPA Society. "Couples often spend countless hours talking about invitations, flowers and the dress, but if they don't have an honest, open discussion about how they plan on handling their finances before they take that walk down the aisle, the honeymoon will be over before it even starts."

The Illinois CPA Society recommends starting out by taking the below couples quiz to see where you and your significant other fall on the financial spectrum. These questions also serve as a good framework for future financial discussions.

 
  1. How often do you and your significant other or spouse discuss your 
     financial situation? 
     A. Once a week 
     B. Once a month 
     C. Once a year 
     D. Never 
 
  2. Have you set a monthly budget or plan to guide your spending? 
     A. Yes 
     B. No 
     C. Don't know 
     D. What's the point? We don't have any money. 
 
  3. How have you divided the financial responsibilities in your household? 
     A. One takes care of everything. The other is oblivious. 
     B. One pays bills, while the other tracks investments and insurance 
        coverage. 
     C. We sit down together and do everything as a couple. 
     D. Nobody takes responsibility for financial matters. 
 
  4. If you received a bonus or an unexpected windfall, how would you spend 
     your money? 
     A. Immediately head to the mall for an afternoon of self-indulgence. 
     B. Pay down mutual debt. 
     C. Save a little, spend a lot. 
     D. Contribute to an individual retirement account. 
 
  5. Have you ever tried to disguise or hide a purchase from your 
     significant other or spouse? 
     A. No, I'm always honest. 
     B. Maybe once or twice. 
     C. Only around the holidays. 
     D. Regularly. 
 
  6. How much money would you feel comfortable spending on a single purchase 
     without first conferring with your significant other or spouse? 
     A. Less than $50. 
     B. $51-100. 
     C. $200 plus. 
     D. I don't see any reason to check ...