5 Financial Things You Must Consider Before Marriage
Ah the sweetest act of the Holy Matrimony!
But marriage isn’t exactly a walk in the park. Reality is, you have to be prepared to take on a new chapter in your life and be ready to make some very important decisions – including those about money matters.
So before you put a ring on it, here are some important financial considerations to take first:
1. Prenup or PreNOPE?
While there are mixed connotations when it comes to prenuptial agreements, it’s important to bring to the table before you start your new life. Of course, talking about it doesn’t mean anticipating marriage failure! Rather, it’s vital to discuss because one party may want to while the other isn’t comfortable with the concept. Transparency is key.
2. Wedding bells and Wedding bills
Naturally, you only get wed once so it’s not surprising to want it to be perfect. However, some couples might prefer to keep it simple and use their money to invest on their future instead. Discuss the level of extravagance that you want and set priorities.
3. Money Management
Getting married means moving in together – which also equates with sharing the expenses. Consider your strategy on how to manage your income and decide on who’s gonna shoulder certain financial obligations like paying the mortgage or buying the groceries. You wouldn’t want to spend your first month without electricity just because someone forgot to pay the bills, right?
4. To Share or Not to Share, That is the Question
Aside from the expenses, having savings is a must and another consideration to take is whether or not to create a joint bank account. Will you be sharing one or will you still keep your own personal savings? Or maybe a mix of both? This will also involve talking about long-term financial plans, goals, expectations, limitations, and boundaries in order to avoid conflicts in the future.
5. Promise and Compromise
When you’re married, adjustments have to be done to fit your new lifestyle. Talk about how it will affect your finances and reach a mutual agreement on which ones to keep and which ones to cut. Will the weekly boys-night-out be sacrificed in preparation for a baby? Or will the movie dates be set aside to save up for a new car?
There’s no such thing as a formula for the perfect marriage and things may be different for every couple. But at the end of the day, while these things are important, what matters most is being with the right person in front of the altar. Once you’ve got all of these covered, all that’s left is to say “I do!”