5 Money Matters Couples Should Discuss Before Marriage and Family Life

Getting married will be one of your life’s most impactful and memorable times. From being single and relying on yourself for the longest time, your life suddenly changes. Other people now depend on you to provide for them and vice versa. Because of this drastic lifestyle change, you can expect the same regarding your finances.

 

As such, it’s vital that you and your partner discuss your current financial situation and what steps you will take once you get married. These include talks about repaying debts, career trajectories, children, and tuition fees.

 

We use money in many aspects of our lives, so talking about it with your partner can give you a realistic picture of what to expect when you tie the knot.

5 Money Matters to Talk About Before Tying the Knot

Although it’s important to clear the air regarding financial responsibilities and capabilities, it’s a common feeling to have a hard time starting a discussion with your partner. Moreover, you might not even know where to start and what to talk about.

 

Check out the topics listed below regarding the things you need to have settled before getting married to help you get started.

1.    Dividing expenses

One of the first things you need to discuss is how you’ll tackle the household expenses. Are you and your future spouse going to combine your financial accounts or keep them separate? How will the two of you share bills and subscriptions?

 

Many couples combine their financial accounts once they get married since doing so has significant benefits, such as making it easier to track their financial resources. Additionally, it’s much more convenient for both of you to keep your money in one place.

 

But, whether you keep your money in a separate or joint account, your finances will effectively fund various things you and your family might want in the future. This will set the foundation for financing your future home and paying off debts, for example.

2.    Budgeting

You and your partner should establish your budget before officially getting married. You must be on the same page about your spending habits to avoid conflict or misunderstanding later. Talking about the budget can ultimately stop money from wrecking your relationship.

 

Talking about the budget can also tell you much about your future spouse’s personality and how they live. For instance, if they agree to abide by a budget, it can tell you that they are willing to compromise for the betterment of your family. On the other hand, if they are openly against a budget, it can signify that they’re very carefree and irresponsible with handling money.

 

A budget within your household is vital since it helps build financial stability. You can better keep track of expenses and bills through a dedicated budget strategy that you both agree on. You can also build your investments, insurance policies, and emergency funds through your household budget.

3.    Handling costs related to children

You might think that having a budget and savings can cover you and your partner, but everything changes when you decide to have children. Even just one child can impact your financial situation significantly, so effective planning is crucial to get by this stage in your life.

 

Are you and your partner capable enough to financially provide your children with the best opportunities possible? How will having children affect your current situation? Will having children call for one parent to quit their job temporarily or permanently? If so, will the other partner be willing to be the family’s breadwinner?

 

These are just some questions you must consider before deciding to have children. Open communication with your partner on this topic can let you air your concerns or frustrations and reduce the risk of uncertainties along the way.

4.    Tackling financial and career goals

Since you and your partner will be a team from now on, it’s best that you’re on the same page when it comes to your short-term and long-term goals. This typically involves discussing your career paths and trajectories.

 

You or your partner might have plans to further your studies in a few years, or one of you plans to shift to a different industry. Making the other person aware of this is the first step in deciding what to do when the time for that comes. For example, you might want to start a business (in which would need you to get a business loan) or maybe, one of you wants to return to school; you can set aside some money for cushioning or talk about how that can affect your family budget.

 

When discussing with your partner, it’s essential to recognize their careers in a few years. What they choose to do with their jobs, promotions, and other recognitions at work can significantly affect the household income. Being open with your plans for the future of your career with your partner can also provide stability and reduce uncertainty in your relationship.

5.    Protecting your finances

Because earning and saving can take a lot of time and dedication, protecting your financial assets is just as important when starting a family. There are several ways to safeguard your finances in case of emergencies, but one of the most effective methods is to apply for policies from insurance companies.

 

Since no one can tell the future, uncertainty frequently looms on the horizon. Applying for a life or disability insurance policy can protect you and your family’s financial well-being should unfortunate events happen, such as a car accident or a medical injury.

 

Another way to protect your finances and effectively manage and reduce existing debt is to pay your bills on time. Overdue bills usually have late fees that force you to spend much more than you might’ve set aside. Prioritizing these payments will keep your money safe and help you avoid financial stress.

Money Talks, So Should You and Your Partner

Getting married is already a milestone, so you and your partner must be financially prepared for the following chapters of your lives. Instill and hone open communication into the relationship so you and your partner can voice out whatever needs to be said without fear or hesitation.

 

It’s also important to remember that while money shouldn’t be at the center of our lives, it’s still a valued commodity regardless of where you live. Having enough to support your future family’s needs and lifestyles can ensure only the best opportunities come your way.