The person you marry is the most important decision you make. You have to weigh a lot of factors, such as your potential spouse's character, their parents, and how you feel when you're together.
However, financial guru Vincent Chan says you should also consider money when choosing a spouse. Surprisingly, Chan isn't talking about salaries. It's possible for a hard-working spouse to boost their income over time, and they may get extra motivation upon being married and when they approach parenthood.
Chan is talking about something more important, which is the spouse's relationship with money. Here's why it's so important to pay attention to how your spouse treats their finances.
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Your Spouse Significantly Affects Your Wallet
Your spouse's money habits will affect your wallet more than anything else. Chan mentions that studies have proven this claim. He proceeds to explain that a financially responsible individual can get into a lot of financial challenges if they marry a spouse with bad credit while spending money freely.
Some people learn from their mistakes, but it's good to see a potential spouse learn from their bad money habits before committing to a marriage. A lack of money or feeling like you don't earn enough can lead to significant stress and self-worth issues.
Your expenses will also go up when you start a family with your spouse. The kids will pick up money habits from you and your spouse, but if your spouse spends heavily and encourages your kids to do the same, it can create an uphill battle.
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Money Can Result In A Lot Of Stress And Fights
Most people stress about not having enough money, even if they are not married. Those stresses can multiply when you have new commitments, such as a spouse, children, cars, and a mortgage.
Stress around money can lead to disagreements about how to spend the money that you both accumulate, and that can result in fights. Chan mentions that money stress and the fights that arise from those anxieties are the second most common reason for divorce.
Making sure your potential spouse has good money habits and agrees with core values that you hold about money can lead to a smoother marriage. Of course, some marriages end in divorce even if both spouses are frugal, but being on the same page with your finances significantly reduces the risk of getting a divorce.
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Ask Your Potential Partner About Their Financial Goals
Before you marry someone, it's good to have conversations about money and assess their financial goals. Asking about long-term financial goals and what your potential spouse is doing to achieve those goals can help you gauge if this person is the right one for you.
It's good to hear someone say that they want to save and invest money for a meaningful goal, like a down payment, saving up for retirement, or something similar. Then, let the potential spouse know about your financial goals. It's only fair since you asked the question, and you can make your potential partner feel more comfortable with you.
While it's good to know how your potential partner treats money, it's just as important to communicate your money values. That way, your potential partner knows what they're getting if they marry you. Furthermore, displaying good money habits can make you more attractive in a relationship. If the potential partner runs off because you want to live a frugal lifestyle and avoid overspending, it may be better to part ways instead of getting married.
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