5 Things You Need to Have Before Getting Married

There is a myriad of factors to consider when working to lead a life full of meaning, happiness, and fulfillment. Like everything else, carefully defining your goals and coming up with a sound plan is the first step in achieving whatever you are shooting for—be it in starting college, deciding a career, or entering a new chapter in your life.

In laying down your plan, it’s important to plot crucial steps and milestones to help you track your progress and avoid feeling overwhelmed by the immensity and uncertainty of life. It is essential to understand that, like most things, you must work on one piece of the puzzle before getting on with the next.

The same is true with getting married—you can put off some things, but if you want your married life to be smooth-sailing, it would be ideal if you can achieve them before you decide on tying the knot.

For most people, marriage is one of the most momentous aspects of life, and some have even dreamed and looked forward to it since they were little. Although, as exciting as it may be, it’s best not to rush your trip down the aisle.

Before planning your big day, there are other critical details to settle so that you can be emotionally, mentally, and financially prepared for a long-lasting, happy marriage. Here’s a list of things to sort out before walking down the altar:

1. Have a Stable Source of Income
   
   Have you noticed that nowadays, dual-income households have been the norm?
   
   Aside from choosing the right life partner, you must also find the right career path that is best suited for you. Once you’ve decided on a career, it will be easier to secure the perfect job and have a stable source of income. Establishing yourself and having a good grasp of your finances will go a long way in allowing you and your partner to work as a unit when deciding on having a family in the future.
   
   In getting and keeping a steady job—or setting up a well-built business—you can confidently stand on your own two feet, sustain your lifestyle, and be well-equipped to handle whatever life throws at you.
   
   Take it from newlyweds Edward and Rieze Oliver, who learned about this lesson the hard way as they struggled to sustain a life of travel while simultaneously paying off their recently acquired properties. Learn more about their story here.
   
   
2. Protect Your Future and Get A Life Insurance Plan
   
   Life insurance protects you and your future family. For this, you should consider it a vital pillar in your personal finances. However, despite its value, people remain skeptical of its significance, especially when weighing it against paying off current debt.
   
   Others may delay getting life insurance at an early age without putting much thought into the economic impact of it in the future. As life insurance in the Philippines has rapidly evolved, it can give you peace of mind knowing you and your family are protected while having the option to expand your financial portfolio, including retirement and tax-free investments.
   
   As rates are lower when purchased sooner, consider exploring the wide range of life insurance options available before you get married. If both you and your partner have yet to decide on a life insurance plan, you can take a look at options like Family Care Plus which provide coverage for the both of you for the price of one.
   
   
3. Pay Your Outstanding Debt Before You Wed
   
   While debt is a fact of life, it is good to note that there are good kinds of debt like car and housing loans, and there are bad debts like salary loans and credit card debt. Entering into a marriage with large amounts of bad debt can be overwhelming and toxic for the relationship. Rather than focusing on the future, bad debt can pull you and your partner in a rather messy marriage, feeling stuck in a rut.
   
   Manage your finances and your debt while you’re single. In paying off your outstanding debt before you wed, you can start your marriage fresh, without being tethered to any loans.
   
   
4. An Honest Discussion About Finances
   
   Before tying the knot, it’s common to know one another first—likes, dislikes, quirks. Make sure to go over things like each other’s financial situation, too, along with other essential conversations before walking down the aisle.
   
   Have an honest discussion about both the positives and negatives so that both parties know what they’re getting into before the fact. It’s worth your time to understand each other’s spending habits, outstanding debt, and plans for further studies, especially when financial issues are one of the most common reasons for divorce.
   
   
5. Have an Emergency Fund
   
   Financial problems can be a source of stress, especially for newlyweds. Aside from ensuring you and your partner are compatible and mature enough to deal with unavoidable money issues, it is always a good idea to set up an emergency fund early on in life. If you haven’t started saving yet, it’s best to read up on some wedding budget rules to achieve financial harmony.
   
   Establishing an emergency fund can make married life a bit easier. You can start by saving up about three months’ worth of expenses. This will help you get by in case one gets sick or loses a job.

By managing your finances and being confidently self-reliant, you can sleep easy at night knowing no matter what happens, you can handle the more difficult yet rewarding challenges ahead and have a healthier, better, and longer married life. If you need more information about setting up a solid financial plan, talk to a Bancassurance Sales Executive at any of our 900 BPI branches.