Build a happier financial life for a happier marriage!
Here’s something most couples rarely want to talk about before marriage: the money.
It’s easy to get swept away by the rush of planning for a wedding and your future life, yet getting your joint financial life sorted out is often overlooked.
Conflicts around money could be the start of a world of stress — not merely in terms of paying for a wedding or a home — but also in the challenges of bringing together the financial philosophies of two individuals.
Here are some simple steps you can take to ensure both of you are on the same page when it comes to your finances:
Come clean about your finances
It is hard to come to any financial shared ground without first completely understanding where you both stand.
Talking about money can be tough — but it’s essential.
Being transparent helps the both of you understand where you are as a couple, and gives you the opportunity to discuss how to navigate joint financial responsibilities together.
Figure out your financial goals, together
Have a conversation about your attitudes towards saving and spending, and share your goals and dreams for the future.
Talk about whether the both of you are expected to support aging family members, and what kind of retirement the both of you are envisioning.
It would also be helpful to discuss your top priorities in life, and how finances factor into these priorities.
From there, you can figure out your joint financial goals and build a plan together.
Share financial responsibilities
As with anything in a marriage, it’s important to make sure finances are a shared responsibility so the burden doesn’t fall on a single person’s shoulders.
Each couple is different — some couples split the investments and the budgeting between them, and some swap roles every month.
Regardless of what you decide, it’s important to be transparent, keep talking, and make both partners feel valued.
Get down to the details
Finally, get detail-oriented about your goals and dreams and how you’ll achieve them.
Are you going to have a joint account you each contribute to while maintaining your own accounts?
Will you have your own investments or will you invest together?
Are you pushing for a new home or looking to build your finances first?
What is your timeline?
And how is your insurance situated?
There are a lot of things that need to come together to bring your financial plan to life.
To make things easier, it may be worth speaking to a Financial Advisor like me to set the foundation for marriage with a happy and healthy financial position.
Argel Tiburcio
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