It’s important to have financial discussions before marriage because one of the main reasons for divorce is money. Couples that cannot get on the same page with spending often have a lot of tension in their marriage. Therefore, ironing out the details of your financial health before going down the aisle is a great way to pave the way for a smoother relationship. Make sure to discuss your goals for the future, as well as your spending habits. Create a budget together and brainstorm ways to stick to it. Finally, if you are in debt, be upfront about it and work together to tackle it. Hopefully, you and your fiancé can set the stage for many more financial discussions in the future.
Financial Discussions Before Marriage: Getting Prepared
Why?
It’s incredibly important to have financial discussions before marriage. Money can be one of the biggest stressors in our lives. And especially in relationships. Some studies estimate that nearly half of divorces are caused by financial stress. Discussions about your joint wealth should be a very regular part of your marriage, so setting the stage early can be helpful.
Things to Discuss
It’s important to get on the same page with one another when having financial discussions before marriage. You and your fiancé should talk about your spending habits as well as your financial goals for the future. Think about if you’d like to have children one day and how you’ll pay for things like daycare and schooling. If you are considering a prenup, you will need to begin getting things in motion for it before you are married because it can take a little while.
Creating a Budget
You and your fiancé can begin practicing healthy spending habits early on in your engagement. When you have financial discussions before marriage, make sure to discuss budgeting. Having a budget that takes into account all of your monthly expenses and incomes is a great step towards beginning to save money together. It also allows you both to keep track of your finances.
Getting Out of Debt
Finally, no financial discussions before marriage would be complete without talking about debt. If either you or your fiancé is coming into a relationship with significant debt, you need to be upfront and honest about it. Whether it’s from school, medical costs, unhealthy spending habits, or anything else, your fiancé will be taking it on as well. The two of you need to discuss ways to pay down debt quickly.
Financial discussions before marriage are very helpful because it sets the stage for an ongoing openness about money. You and your spouse will both need to be aware of your financial health as a family. You also need to set goals together like saving for retirement, vacationing, or paying off debt. Because money can be a stressor in marriages, starting these conversations before you go down the aisle can help you both be more comfortable with money talks. Be upfront about debt and work on a solution together. And create a budget together so you have a better handle on finances. Hopefully, by paving the way for healthy discussions about money, you won’t allow it to become a stressor in your marriage.