Plan Your Personal Financial Situation With Your Spouse

Wedding is a day one waits for all one’s life. It is very special, and rightly memorable. However, people do forget that there are finances to take care of.

No, not your wedding spending. That is taken care of by you, family and others. Don’t worry about that. 

What you should think about is the finances of your spouse. What is the condition of his or her finances? Are they financially stable? You don’t want to know just after the wedding night that your spouse expects to bail him or her out of a massive debt. Do you know their net salary? What about their savings goals and investments? Have they told you everything, or are some things still a secret? 

If you feel there are some things you still do not know, do make everything crystal clear and transparent before hitching up. Before you both marry, have a fully transparent conversation about each other’s personal financial situation. Discussing these things ensures that after marriage, and indeed long after, you’ll continue to work as a team.

Having this discussion will also allow you to budget for the upcoming wedding properly. It can even bring the two of you closer since you’ll trust each other more.

Here’s how to do it!

Plan for the logistics

Have a planned and low-stress talk. Make it all transparent between yourselves. Marriage psychologists advice this strongly. In between the conversation, you both may need a break. Take your time. Things may get a bit overloaded at times, but do take your time and sit down again to talk at a predetermined time. To relax, go for a walk outside. Discuss this during a walk at the park. Take breaks of 30 minutes before having the conversation again.

Be transparent

So here’s how you can start the conversation. Be clean about how much you make, how much you take home, and what your expenses are. Then you can ask for the same from your future spouse. Remember, you’ll find it easier to handle any financial emergencies if you both know about each other’s financial condition.

Hiding information at this point will bring distrust later on after the marriage, and that is not something anyone wants. That can be disastrous for the relationship and for the marriage.

You’ll have different views on money

You may expect that your significant other has views similar to your own, but that may not be the case. Sort out the differences, and arrive at a common playing field that is beneficial for both. 

Follow these tips, and we wish you a happy married life!