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Five numbers you need to know about your fiancé

Each year nearly a quarter of a million people get engaged on Valentine’s Day.  In all the excitement, it’s unlikely that many newly engaged couples are pausing to consider their combined financial future before saying “I do.”

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However, JJ Montanaro, a non-commissioned certified financial planner at USAA, says that it’s vital to understand your fiancé’s financial situation since it will become a shared responsibility for better or for worse. He says there are five important numbers you should know about your fiancé before you get married, including:

·         Credit score: A number that is often talked about and one thatcan greatly influence whether you begin your marital journey on the road to recovery or on the path to solid financial footing.  

·         Risk quotient: Is your fiancé a gunslinger or granny when it comes to financial decisions? This could impact spending, investment and insurance decisions and ultimately drive your financial stability and success.

·         Savings rate: Prospective spouses need to ensure there is a balance between planning for the future and enjoying life today. Big spenders who are surprised when they marry big savers may find it difficult to build a financial plan that works.

·         Net worth: These discussions should go beyond what you have and owe and serve as a starting point for your joint long term financial vision to ensure you’re both working toward the same goal.

·         Stashed cash: An emergency fund is a cornerstone of a solid financial plan and an indicator of a prudent financial approach. Does your fiancé stand above the 60 percent of Americans who don’t have a rainy day fund?

 

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posted 2.3.11

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