You’re finally getting you’re fairytale moment. Amidst all the excitement, don’t forget to discuss crucial matters with your fiancé, particularly about your finances as a couple. It’s essential that the two of you are on the same page in terms of money matters to avoid marital conflicts. Don’t worry if you’re unsure how to approach the matter, we’re here to help you out. We give you the finance related conversations you definitely need to have with your hubby-to-be before tying the knot.
1. Understand Each Other’s Values About Money
Everyone is different when it comes to money. Some people are great savers while some want to save but aren’t good at it. Some feel guilty immediately after spending on something trivial while some need little encouragement to splurge on a bag or a suit. There’s no right or wrong, but it’s important that you both understand each other’s money habits in advance so there are no surprises later.
2. What Is His Income?
Asking someone how much they earn can be awkward but considering you’re going to be spending your life with him, you have the right to do so. You both will have to estimate your annual household income, whether you want to work after marriage and the proportion of your earnings which will be contributed to the household income. It’s okay if you both are not rich, of course, but you need to make sure that both of you will be supported.
It’s not a deal breaker but you need to know if he’s in debt and if so, then how much. It’s always better to be transparent with each other after all. Plus, you can figure out how to deal with it better as a couple.
3. The Debt Talk
4. Discuss Savings
It doesn’t have to affect your daily finances, but discussing a savings plan can help you both prepare for the future together. Mutual funds, life insurance policies - planning towards these can help give you both financial security.
5. Joint Money Management
One of the most important money conversations to have is how the two of you will pay for expenses. Who will make sure the bills are paid on time? What about your own spending money? The best way to go about it is by merging expenses and allotting monthly budgets, or by creating a joint account for shared expenses like groceries and home loans, while also having separate accounts for personal purchases.
6. Developing Similar Financial Goals
Define joint financial goals. One of you may dream of huge financial success while the other dreams of money enough for a life of travel and comfort. Figure out goals and a plan that you both agree on so you can work towards it together.
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Published on Jun 14, 2016