When most people think of their upcoming wedding, they imagine white gowns, tailored suits, flowers and music. But sharing a life with the person you love involves more than candlelit dinners and romantic getaways.
One of the key ingredients to a happy marriage is making sure each partner understands the other’s financial situation, their relationship to money and their expectations for their upcoming lifestyle together. According to a survey by Bread Financial two in five couples wish they had more similar financial mindsets.
Here are 7 questions to ask your fiancé before saying ‘I DO.’
Sit down with your fiancé to discuss each of your financial standings such as credit card debt, student loans, etc. Knowing your financial standings will prevent any surprises later on.
Your fiancé’s credit score does not affect yours, but it is an important factor to consider if you plan to open a joint account together in the future.
Share your goals and dreams. You are starting a life together that will include major financial decisions. It’s important for a healthy marriage to have the same goals.
Knowing your partner's spending habits up front can help you plan and establish financial goals. Create a money plan that works for both of you and includes a monthly budget, savings plan and emergency fund.
Is your fiancé participating in a 401(k) retirement plan (or similar)? Are they a risk taker? Be aware, if an investment fails your partner shares the repercussions which will affect your credit as a couple.
Joint finances can help you grow as a team when you create goals and work together to achieve them. You may prefer to pay all bills from a joint account and maintain separate accounts for individual expenses.
One of you may be a more organized person who prefers to take care of the household bills. Experts recommend couples sit down monthly to review their finances together.
Living within your means is KEY TO FINANCIAL SUCCESS and communication is key to a happy marriage. Here are some tips to get you started on building a strong financial foundation:
Continue reading for more information about saving and budgeting.