When Financial Opposites Attract

Condé Nast Digital StudioBekah Wright, BRIDES magazine

"It wasn't love at first sight," admits Candice Coppola. Instead, it was a case of opposites attracting for she and her husband, Mike. The differences that initially attracted the two were apparent when it came to planning for their future: Marriage was in the cards, though no date was set. "I was eager," Candice, 29, remembers. "Mike wanted to wait until he was financially able to get married. He also wanted to save up for my ring instead of financing it." The duo's different financial personalities were distinct. Says Mike, 33, "One of us is a spender; the other is more of a saver."

The couple's approaches to budgeting didn't quite meld either. "I came from a background where I didn't learn about financial tools," says Candice. "Mike was definitely taught how to manage money."

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Mike's strategy for saving? Placing money in hands-off accounts. "I know what bills I have and what I need to cover them," he says. This tactic came in handy when he and Candice purchased a home together after dating for a year. "Mike bought the house," says Candice. "It was ours, but the deed, and the bills connected to it, were in his name."

It was co-owning a home that finally merged Candice and Mike's approaches to money. "That's when we started budgeting and financially planning together," says Mike.

With the new home purchased, there was still a savings plan in the works for Candice's engagement ring. In the meantime, another larger financial endeavor came their way. In 2007, Candice decided to open Jubilee Events, a wedding and events planning business. "As with anything Mike and I did, we did this together," says Candice. "He was a huge supporter and gave advice every step of the way."

Candice's new business unequivocally came in handy when Mike popped the question. Savings they'd put aside and generous contributions from their parents covered the costs of their August 2009 wedding. Where debt factored in, however, was their Sonoma honeymoon and subsequent credit card bills. "We decided to pay down our credit cards slowly," says Candice. Something Mike wasn't necessarily comfortable with. "I'm used to paying off credit card balances in full every month." But within a year, their credit card balance was back to zero.

Now that their honeymoon is paid off, the couple is looking towards future investments. "We'd love to move to a new house and start saving towards raising a family," says Candice. Adds Mike, "I'd like to pay off some bills, like car loans."

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So after being married for almost two years, do the Coppolas feel richer or poorer? "I feel the same," says Candice. As for Mike, "The same," he starts. "Okay, well, before I got married I had a lot of money; now I have less money."

One thing the two definitely agree on is their mutual trust. "We talk about everything," says Candice, "and never make a decision without the other." One decision she says that's already in the works: "We both see the value in passing along financial tools to our children."


Are you and your partner financial opposites? Do you think opposites attract?


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