6 Financial conversations you must have when you are getting married
Wedding – is such a beautiful feeling when you gonna be part of someone’s life forever. You have had all types of conversations with your future husband about the life ahead. But, did you miss the financial aspects, too? it is important that you discuss the financial plans together. Because when you both turn 60, you need each other’s support (along with a good amount of wealth created). Don’t be afraid to ask questions!
Here are six conversations you should have before getting married:
1. What’s the credit situation? The past and current credit situation of your partner will affect your future spending. The burden of past loans may sour your future relationships because it puts strain on your finances, together. You should be aware of any past debts, assets, and liabilities each of you might have before you get hitched. You might want to get rid of your existing debts and begin on a clean slate as a new couple.
2. One or two bank accounts? It is important to decide whether the two of you will have two separate bank accounts or a joint account after marriage. You may also consider merging your incomes in one bank account. Or you may decide to keep your accounts separate and transfer a specific amount periodically to a joint account.
3. What about my family? As a woman, you may be expected to leave all the responsibilities of your family when you are married. But you can choose otherwise. Talk it over with your husband-to-be. You could be the one who managed their finances, so you may rightly wish to send some of your income back home.
4. Are our financial goals aligned? It is not wrong to have different financial goals after marriage. But your spouse should be comfortable with it too. For instance, you may choose to freelance and be happy with a small income that pays for your everyday needs. Likewise, you may indulge in some leisure shopping or go on a trip every year. On the other hand, your spouse may be ambitious. He might want to save every penny to achieve a bigger goal, such as purchasing a villa or a dream car. There may be some discord due to this.
5. Who will handle the finances? In India, household finances are usually handled by the woman. But in many cases, the husband too takes on that responsibility. Talk about this before you get married. There is a possibility that your future husband may want to decide the budget for household expenses and give you the money that’s needed.
6. Spend or save? You may be born with a silver spoon in your mouth, so you might be a lavish spender. On the other hand, your spouse may come from a different background where thrift is encouraged. Arguments may arise if this issue is not firmly addressed. Every person has a different way of managing money. But when you decide to spend your life together, it is necessary that both of you are more-or-less on the same page as far as spending habits go.
Money isn’t everything, especially when it comes to relationships. However, having a heart-to-heart conversation about finances before you get married is important. To understand the nuances of financial planning for couples, you can email us your query at email@example.com.