How to Make Marriage Last Forever: Introduction
They say that love is more important than money. Have you ever tried paying your bills with a hug?
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Nishan Panwar
How to Make Marriage Last Forever: Love or Money?
Love may be the reason you marry, but sadly it’s not enough to keep you married. I’m sorry to deflate your romantic bubble but, the answer to how to make marriage last forever is money, not love. Money will predict how successful your marriage will be and if it will last.
The No. 1 cause of stress in relationships is money, according to a survey by SunTrust Bank. Having financial arguments is the top predictor of divorce, a separate study by Kansas State University found.
How to Make Marriage Last Forever: The CIBC survey
Jamie Golombek, managing director of tax and estate planning for CIBC, said in a report about a recent survey that financial disagreements are a strong predictor of divorce. This is particularly so among younger couples who are more prone to experience financial stress in their relationships.
The CIBC survey produced some surprising insights:
- 66% of Canadian couples enter marriage or a common-law relationship in debt
- 46% said their top financial goal within the first two years of living together was to save up for a vacation (considering that 66% of couples are in debt, this boggles the mind)
- 33% of couples have had a serious joint discussion about finances before getting married or moving in together
- 40% have only briefly discussed how to manage finances together as a couple
How to Make Marriage Last Forever: The Great Disconnect
There seems to be a great disconnect when it comes for couples to discuss their finances:
- 38% of couples were only somewhat or not at all aware of their significant other’s debts (TD Ameritrade survey)
- 43% of people don’t even know how much their partner makes (Fidelity survey) yet 72% of those same couples said they communicate exceptionally or very well about financial matters
How to Make Marriage Last Forever: Are You A Couple With Too Much Debt?
If you’re a couple in debt, reducing debt should be your top priority. A heavy debt load can affect your life choices. A poor credit rating can negatively impact many things including your ability to buy/rent a house or apartment, lease/purchase a car.
Now is the time to have that serious conversation about your finances and contact a professional trustee on how to deal with your debts. The Ira Smith Team can help you free yourselves from debt and be able to realize your dreams for the future Starting Over, Starting Now. We’re just a phone call away.
