It’s true that love conquers all. It is also true that money should never be involved when it comes to matters of the heart. Unfortunately, many surveys and studies indicate that money is one of the main reasons that can break marriages. Yes, there’s no doubt that discussing money matters before marriage can be one embarrassing task since you do not want to send out the wrong message. But if a little bit of embarrassment can save your marriage in the long run then why not? Here are 10 money talks to have with your fiance….
10 Must-have Money Talks with Your SO before Wedding
1. Debt
Always start with the most difficult and the most embarrassing topic. You must share all important details about the debts you have. It’s okay if you have student, car or home loans. Nobody’s going to judge you. But it’s important to know each other’s situation.
2. Family history
Family history, in terms of financial position can be another extremely difficult and sensitive topic to discuss with your husband-to-be, but it can save you a lot of unnecessary misunderstandings in the future.
3. Bank accounts
Most of the couples have joint accounts while around 18% have both joint and separate accounts. It becomes even more important if you have business accounts as well. So what do you want for yourselves? Also, how much do you earn together? Is the amount enough to cover all your expenses and credits?
4. Individual income
After you have discussed your total income, focus on individual income as you both must have different goals and dreams to achieve. Also, in order to have each other’s back during an emergency or a crisis period, it’s crucial to know each other’s income beforehand.
5. Financial goals
Are you focussed on increasing your fixed assets in the next five years? If it is so, then a major chunk of your monthly income will go in the monthly installments. If his goals are also similar then you both need to chalk out a plan.
6. Credit scores
Another extremely important matter to discuss. A poor credit score can affect your financial planning.
7. Insurance
Who is going to pay the premiums? How much health/medical coverage do you want? Who is going to be the nominee? Discuss it all.
8. Family Planning
Sooner or later, you two are going to have babies. While that’s the best thing for any couple, without having any financial planning about the future members can lead you two to great difficulties. So plan the budgets before you plan a family.
9. Budgeting
A complete budget for the months and if possible, for the next 10 years at least. Your total income Vs your biggest possible expenses, monthly bills, monthly savings, investments, EMIs, budget everything.
10. Discretionary accounts
Last but not least, a lot of couples tend to maintain discretionary accounts. Discuss and set a fixed budget for your personal expenses. It may change over the time, but do not forget to discuss the amount.
Featured Image Courtesy: Gareth Hoover Photography
