Financial Tips for the Soon-to-be Married
Taking the next big step that is marriage is a very big deal (congratulations, by the way) but here is one the topic that has been touted to be the number reason for the divorce: money.
If you can share your deepest and darkest secrets with someone, why can’t you talk about money with them? Makes no sense, right?
So when is the right time to talk about money? Well, how about right now.
A lot of individuals are getting married this year. In fact, as I am typing this article someone just got married. But the sad fact is that a lot of them will end up having unnecessary problems because they do not talk about their finances.
This article is for the couple planning their wedding.
Talk about your debt if there’s any
That whole “save some mystery for the honeymoon” shtick does not work when it comes to important issues such as this one. When you get married, your spouse’s problem is now your problem! Whether you like it or not. It is just a simple fact.
And have a plan (that will work) to get rid of the debt.
Joint accounts
The thought of this can bring problems between the both of you let alone doing it. Joint accounts, ladies and gentlemen! Probably the no go area when talking about finances with your significant-other. So, let me break down for you:
There are pros and cons to just like anything else in life.
Pros
You both have access to the account; it makes both of you work together on paying bills, managing finances, etc. Everyone has a responsible.
Cons
There is no privacy; your partner will be alerted whenever you withdraw money from account and you will most definitely be questioned about it. Are you okay with some keeping tabs on you as an adult? Ask yourself that question.
Savings
The big advantage to combining both of your money as savings creates cost efficiency. You both can now have extra money to play with, so to speak.
At the end of the day, you and your partner will have to agree which is best for you. But is food for thought, if one of you is a bit “reckless” with money, you might not want to combine your finances right of the bat. Give him/her some time to adjust and become more mature financially.
