Check out the timestamps below to help you navigate through the many topics we discussed.
On This Episode:
Today we’re going to turn our attention back to the financial side of our CRNA discussions and focus on the issues that can creep into a marriage when it comes to money. That’s something many couples will argue over so we want to make sure you’re addressing the minefields that might test any marriage.
As always, it’s best to get started as soon as possible and that means having conversations before you officially tie the knot. Knowing things like how your spouse or partner views money or what kind of habits they have with money will make these discussions easier. It’s also a good idea to consider a prenup as well. Many people get turned off by the idea because it seems like you’re expecting the relationship not to work, but CRNAs earn a great living and you want to protect in case people change later in life.
Now, let’s talk about a few of the things that we see causing the most tension in a relationship. First, establish a household budget and figure out what you’ll do with your finances. There’s no right answer, but will you combine everything, keep it all separate, or do some combination of the two? Establishing a budget will give savers and spenders some peace of mind and help avoid arguments.
Debt is another thing to tackle together. Whether it be consumer debt or student loans you’ve added during nursing school, getting this debt under control will also ease a lot of the tension and anxiety that can build up when this debt is weighing on you.
Having a plan for these things will help out tremendously and we’ve seen it first-hand working with CRNAs on a daily basis. Planning also allows you to start looking forward and focusing on how to use your finances to help you achieve the personal and career goals you’ve set for yourself.
And finally, estate planning is another big conversation that needs to take place. Knowing your loved ones will be taken care of is so important, and doing the proper planning will help you accomplish that while avoiding many of the headaches and conflicts that could arise.
We’ll leave you with this as we wrap up this discussion. When you begin to think about marriage or you’re going into marriage, sit down and talk through a lot of these things. You want to go into a relationship on the best footing and communication is at the core of that. Make sure you understand how your partner views money and vice-versa and have a plan in place for how you’ll manage your money going forward. It’s not going to work 100% of the time, but at least you’ll both be on the same page as things ebb and flow.
Here’s some of what we discuss in this episode:
- Why it’s important for you to know how your partner feels about money before you get married.
- Figuring out whether you should combine finances, keep them completely separate, or do some combination of the two.
- Determining what your priorities are for life and your career and focusing on how your finances play into that.
- Being on the same page about debt.
- Should you consider a prenup before marriage?
- The steps you need to take with an estate plan after you get married.
Contact CRNA Financial Planning here: https://www.crnafinancialplanning.com/
If you spend everything you make, and you’ve got a person on the other side who’s a planner and saver, can you imagine, not just the discussions, but the internal struggles they’re going to have in that relationship?
–Jeremy Stanley, CFP®