Money is vital in everyone’s life, whether they are single, in a relationship, or married. It is essential for even the most fundamental necessities like as food, shelter, healthcare, and education. As a result, in order to live a comfortable life, one must be financially secure. Furthermore, money becomes even more crucial after marriage due to increased duties and expenses. As a result, factors like money, investments, and expenditures must be considered prior to it. Here are some suggestions for having the “money discussion” before marriage.
1. Don’t hold back
Even though discussing money before marriage is not an easy issue, neither of you should withhold anything from one other. When you are ready for a long-term commitment, you must be open and honest with your spouse. As a result, divide your income and debts with your partner. Make a list of your assets and funds. When you marry, you each take on the liabilities and assets of the other.
2. Decide whether you guys are spenders or savers
Even if you both enter marriage with no debts, it all depends on who is the saver and who is the spender. In any case, the money talk is crucial in determining who’s who. This is especially crucial if you and your partner enjoy splurging since you will need to set some limits and be honest about your regular spending.
3. Plan out a budget
Before you get married, talk to your partner about money management. It should cover everything from little purchases to large ones like cars and mortgages. A combined bank account also makes finances transparent, allowing you and your partner to understand where you can improve.
4. Maintain a healthy balance
If just one of you works and the other is a stay-at-home parent, there should be no room for quiet bitterness between you. Having money discussions prior to marriage will assist you in setting clear expectations. To keep the love connection alive, make sure each of you feels appreciated and respected.
5. Plan the future
It is typical for newlyweds to begin child planning. If you and your partner want to have children, you should talk about career changes for childcare, babysitting fees, and lifestyle changes. It is critical to have a financial discussion with your partner about these possibilities prior to marriage so that you can build a strategy to deal with any eventuality.
6. Do talk about extended family
Marriage involves the two families as well as the two spouses. Sometimes that means paying for an ill parent’s medical expenses, assisting with childcare for a sister who lost her work, or just assisting a brother-in-law with his business plans. As a result, tell your partner where your money goes and come to an arrangement that ensures you’re both happy with the spending.