When it comes time for marriage, it is important to be completely open about your finances. This can be difficult if you have made financial mistakes in the past. If you start with open communication, it will continue into your marriage. Here are the five most important financial topics to discuss with your partner before marriage. These topics can help you determine whether you are financially compatible and the areas where you will need to find a way to reach a compromise.
Open a Discussion About Finances
First, you should discuss any debts that each of you may have. If you have student loan debt, you should not combine it together. There are many advantages to keeping it separate. If you have credit card debt, you should work quickly to pay it off. Once you are married, you should have only one credit card account, and it should be a joint account. You should work together to pay off any personal loans. If you own two homes, consider the pros and cons of selling one or renting one and putting the other in both your names.
Understand Each Other’s Spending Habits
Third, you should know each other’s spending and saving habits. It is generally better for these habits to be somewhat similar, although you can adapt in different areas to help each other. You should be able to communicate effectively about these topics, and if you understand the reasons why each of you likes to spend or save, it may make communication more effective.
Talk About Any Dirty Financial Issues
Fourth, you should disclose any dirty financial issues. This is the time to admit if you have declared bankruptcy or defaulted on credit cards. You should ensure that you are providing full and complete disclosure to your partner about any debt problems. This is especially true when considering debt. If your partner later discovers that you hid something from them, it could cause serious trust issues in the marriage.
Share Your Feelings
Fifth, you should discuss how each of you feels about money. This is different from spending and saving habits. You might want to discuss the following questions: How did your parents handle their money? Is there anything you would like to do differently? Did you have to work for anything you wanted, or did your parents simply provide it for you? Do you see money as a tool or a burden? Do you enjoy saving or giving, or do you prefer spending more? Should you give money to others?
Remember to strengthen your relationship by spending time together. You can go on affordable dates to keep the romance alive. It is also important to continue discussing your finances through budget meetings and goal setting. The more open you are about your situation, the easier it will be to maintain effective communication throughout your married life.
Source: https://www.thebalancemoney.com/communicate-with-your-spouse-about-finances-2385830
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