Put yourself at ease by protecting those you love
Finding the right person to spend the rest of your life with is truly a blessing. But before walking down the aisle, it’s important to talk about a few parts of each other’s life that may not be as significant as when you were still dating. One of the few is you and your partner’s financial situation. Most couples are not comfortable to discuss this topic, but financial harmony is one of the key components of a successful marriage.
Better sit down and say yes to reading this list with your significant other before exchanging “I do’s.”
Some may feel uncomfortable in exposing their financial status to other people, but keep in mind that you will share this information with the person you’ll wake up next to for the rest of your life. Keep an open mind before discussing this; trust them enough that they will not judge your financial behavior and be honest about how you feel about theirs. You can even give financial advice to each other if necessary. Keeping your communication lines open goes a long way.
Financial talks between couples should not be just a one time, big time event. Your financial goals and financial growth are already part of your relationship as a married couple, which means that you need to talk about it at least once a month. Keeping track of your expenses, savings, and investments is a way to protect your money and to protect each other from potential financial issues.
Before planning the wedding details—theme, church, venue, guest list, song while walking down the aisle, and all the works—set a wedding budget and stick to it. According to Huffington Post, a few of the wedding planning mistakes couples commit are: (1) taking the budget lightly, (2) spending too much with limited resources, and (3) choosing impractical destinations. Stick to your wedding budget, manage your expectations, and always choose to be practical. The most important thing here is to have money for the next chapter of your life after getting married. If you can go through this stage in peace, then you two are on the right track to a successful marriage.
One important move you should do is to make your significant other as one of the beneficiaries of your life insurance plan. After all, your future spouse (and future children) will be your own family. Protect them today, tomorrow, and for the rest of your lives no matter what happens.
According to Shannon McLay, founder of the Financial Gym, a New York City-based financial coaching company, some couples postpone their wedding plans because they are still paying for a condo unit, a car, or a business venture. Tip: Talk about how you’ll settle these debts to assure your partner that wedding plans are on top of the list of priorities. Delaying marriage because of debts could get in the way of a successful marriage. Seek for financial advice if possible to give you more ideas on how to pay for these efficiently.
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