Whether a person is single, in a relationship, or married, money plays an important role in their life.
It is required for even the most basic amenities we need including food, shelter, healthcare, and education.
Thus, it is essential to be financially secure to live a comfortable life.
Furthermore, money becomes even more important after marriage because one’s responsibilities and expenses increase after it.
Thus, things like money, investments, and expenditures need to be discussed before it. Here is a look at some tips to have the ‘money talk’ before marriage.
1. Don‘t hold back
Even though money talk before marriage isn’t an easy topic, both of you mustn’t hold anything back from each other. When you are ready for a lifelong commitment, you need to share everything with your partner. Thus, share your income and debts with your partner. List your assets and savings. When you’re married, you each take on the other’s liabilities and assets.
2. Decide whether you guys are spenders or savers
Even if you guys are entering marriage with zero debts, it all depends on which of you is the saver and which is the spender. Either way, the money talk is important to decide who’s who. This is especially important if you both love to splurge, as you will need to set some boundaries and be realistic about your regular spending.
3. Plan out a budget
Before getting married, discuss expense management with your partner. It should include the most minimal purchases to the bigger ones like vehicles and mortgages. Also, a joint bank account makes finances transparent, giving you both an opportunity to see where improvement may be required.
4. Maintain a healthy balance
If only one of you is working, and the other one is a homemaker, there shouldn’t be silent resentments brewing inside both of you. Having financial discussions before marriage will help you set clear expectations. Be sure each of you feels acknowledged and valued to keep the love connection alive
5. Plan the future
It is common for newlyweds to start planning for children. If you and your partner plan to have children, it’s important to discuss career changes for childcare, babysitting costs, and lifestyle changes. It’s important to have a financial conversation before marriage about these possibilities with your partner so you can create a plan to tackle any possible scenario.
6. Do talk about extended family
Along with the two partners, marriage involves the two families as well. Sometimes, that means taking on the medical expenses for a sick parent, helping with childcare for a sister who lost her job, or just helping out a brother-in-law with his business plans. Thus, let your partner know where your money gets spent and arrive at an agreement that ensures you are both comfortable with the spending.
