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Colorado Money Expert Asks For Financial Secrets

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Feb 16, 2009 2:27 pm US/Mountain

Colorado Money Expert Asks For Financial Secrets

DENVER (CBS4) ― A Colorado certified financial counselor who is helping engaged couples and newlyweds beat the recession says the key is opening up about money management.

Many couples discuss their wedding site, flowers and caterers before they walk down the aisle, but Dr. Taffy Wilkins Wagner says finance is usually a subject that couples don't broach until well after they honeymoon is over.

"People are afraid if they tell someone they didn't manage their money really well they will break off the engagement," the author and certified educator in personal finance said.

Wagner says in most relationships there is a shopper and a saver and that couples need to learn how to marry the two traits.

"That shopper and saver need to agree on if there's something over a certain dollar amount, then they need to talk to the other person before they buy," she said.

If someone is coming to the marriage with debt, it should be seen as an opportunity to make a new start, Wagner said.

Wagner said it's important to decide who will manage the money, but they should include the other person. Otherwise, Wagner says "if something happens to the spouse that is managing the money and the other person needs to take over, they don't know where to start."

Also, she says it's important to set realistic goals when it comes to finances.

"If you don't set a timeline you're not going to do it. You have to know that 'I gave myself a deadline. I can achieve it,'" she said.

Wagner is encouraging couples to open up about their money management secrets by sponsoring a contest. Through her Web site DebtAtTheAltar.com she wants people to tell her about a financial secret they've been harboring and she says she will offer to get them through it with free financial counseling.

"I hope to be able to make a difference for somebody that was afraid to say 'I have a debt,'" she told CBS4.

Wagner is asking couples to submit a written confession about their financial situation between now and the end of the month. She says will choose the best entry and that person will receive 3 free months of counseling.

(© MMIX CBS Television Stations, Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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