Getting married soon? Have you talked money yet? Yes, it isn’t exactly a peg for a romantic conversation, but it is a step towards a happy marriage. Money matters need to be discussed before marriage so that you don’t spring a surprise on your spouse once you are hitched.
Your spending habits, debts, retirement plans, etc. need to be communicated clearly to build a strong financial structure for your life together. And it’s only going to increase transparency and trust between the two of you. Here are a few things you must talk about:
Your Monthly Income
While this isn’t something you should discuss on your first date, at some point you must disclose your income if you plan on spending your life with this person. Your expenditure and savings are going to depend on your collective income, so it’s important to understand each other’s money matters.
Talking About Spending Habits
Spending habits vary from person to person and it might be a good idea to talk about it before marriage so that you can plan your expenditure accordingly. If you find your expenditure exceeding your income, you must mutually figure out a way to curtail expenses.
Additional Reading: Get Rich; Dump These Bad Money Habits
Existing Debts
If you have an outstanding loan, the liabilities of it would fall on your spouse as well once you get married. A part of your collective income will go into paying off your debt. It’s good to give a heads up to the other person when it comes to these things.
Also, try and understand each other’s credit history, since it will come handy when you try to take a loan in future. Use a free credit report generator to know your Credit Score instantly.
Goals And Future Planning
From funding for children’s education to preparing for life after retirement, setting goals on time is much needed to build wealth for the major expenses. You need to put your minds together to decide on the right investment instruments to meet your goals. Also, don’t forget to discuss your individual goals.
Wedding And Honeymoon Expense
Wedding and honeymoon expenses are quite high. Consider each other’s expectations and limitations while planning for these events. If you think the expenditure is crossing your budget, you must talk to your partner about it and bring down the expenses. You could use whatever you save in building a contingency fund or in other investment funds for a financially healthy future.
Money problems can be complicated to deal with, but discussing your issues with transparency and empathy will certainly strengthen your relationship.