As your wedding day nears and you are brimming with plans and ideas for a golden future, there is one thing you may not have yet discussed with your about-to-be hubby, and that is financial planning.
There are chances that you have never felt the need for the same or you never got an opportunity to be comfortable enough to feel like discussing such serious stuff yet. But never forget, money matters, and your future’s golden run has a lot to do with your financial wherewithal as well as fiscal discipline.
Some of the basic conversations which your financial discussions might revolve around is the credit situation of yourself as well as your partner.
The past and current credit situation of your partner will affect your future spending. 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. You may wish to buy a new car or a house for both of you. It will be great if there are no uncomfortable secrets and you are clear about the matter.
Another aspect to discuss is 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. It is best you thrash out these matters in advance.
As a woman, you may be expected to leave all the responsibilities of your family when you are married. But you cannot ignore your parents and their needs. In fact, you could be the one who managed their finances. So you may rightly wish to send some of your income back home. This is a sensitive but important issue that should be addressed without fail. If you have the right money and your parents are in need, it must be a seamless transfer without any hassle to your hubby.
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. Discuss your financial goals before marriage and at least agree to disagree so that there’s some clarity on the matter.
Talk before marriage as to who will manage the home finances. 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. Or he might take care of all the expenses himself without involving you. Either way, it would be good to have a chat about it.
You might be a lavish spender or a miser. But your spouse may not be on the same page with you. 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 wavelength as far as spending habits go.
Money isn’t everything. However, strong relationships hinge largely on money. Deprivation brings misery and rift. Therefore, having a heart-to-heart conversation about finances before you get married is important. You may have the same views or you may not, but sharing your opinions about your finances will only help you bond better – and if they do not match, you will nevertheless have an early start in ironing out those differences.
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