Money Has Many Meanings

Money represents various things to individuals. It can mean love, power, security, guilt, self-esteem, happiness and many other things. Sorting out the meanings and feelings associated with money and financial decisions is an important task especially in a new marriage.

Olivia Mellan, author of "Money Harmony" talks about various ‘money personality types’. It is important to reach an early agreement on how money will be handled in a new marriage. Deciding who is responsible for paying the bills, balancing the checkbook, keeping a budget, determining investments, and insurance needs are important decisions.

Maintaining a separate financial identity is also wise for building credit histories, tracking expenses, or qualifying for loans. It is important to have money and credit in your own name in case your spouse becomes incapacitated, dies or leaves the household.

Source: Burke, B. (1996, July).  Marriage and money. UE Person to Person, 2.