The exhilarating euphoria of an engagement brings a lot of emotions and thoughts. Naturally, you’re thrilled about your forthcoming marriage and wedding. A rush of excitement ensues as you start to contemplate the multitude of arrangements you’ll have to orchestrate.
Selecting the perfect dress or tux, choosing the venue, deciding on a caterer and wedding cake; these tasks quickly crowd your to-do list as you prepare for your special day.
While most couples are likely very familiar with each other by this point, a crucial topic often goes undiscussed: finances. Also understanding your partner’s values and background, being aware of their financial situation is crucial, as it is bound to influence your own. Before you say “I do,” ask your future spouse these six critical financial questions.
1. WHAT IS YOUR DEBT SITUATION?
One of the first and most vital questions to ask your future spouse is about their debt. It’s unfortunate, but marrying someone means taking on their debt.
While many people carry student loans, not all have high-interest credit card debt. Understanding what your partner owes and how you’ll manage it together is essential.
2. WHAT IS YOUR CREDIT SCORE?
A credit score may seem inconsequential when you’re young or if yours is in good shape. However, when you tie the knot, both of your scores are taken into consideration. A low credit score can impede joint loans or dream home purchases.
3. WHAT ARE YOUR FINANCIAL HABITS?
Personal finance habits can differ greatly based on upbringing and life experiences. Whether you’re a diligent saver or a liberal spender, your spouse will also have their financial tendencies. Knowing where you stand can avoid future conflicts.
4. WHAT ARE YOUR FINANCIAL GOALS?
As a single person, you might have set short-term and long-term financial and life goals. However, marriage can shift these targets. Ensure you’re both on the same page regarding your financial ambitions.
5. HOW WILL WE MANAGE FINANCIAL RESPONSIBILITIES?
The way you handle financial responsibilities as a couple can vary. One of you might be better with money and handle most fiscal matters, or you might want to share the workload. Decide on a system and remember to routinely evaluate your budget and financial status.
6. WHAT ARE YOUR THOUGHTS ON MERGING OUR FINANCES?
Merging finances is a big decision. Some couples choose to pool all income into a joint account, while others keep their incomes separate. You should decide what works best for you and be clear about how you will implement your arrangement.
Understandably, finances might not be top of mind in your newly wedded state. But realizing that a significant chunk of your future plans involve your finances, it’s essential to establish a solid financial framework early.
Marriage entails intertwining finances, so your spouse’s habits and financial history are bound to affect you going forward. Before exchanging vows, ensure you have a comprehensive understanding of your partner’s financial situation.
How do you plan to align your financial habits with your partner? Any tips you’ve picked up for merging finances as newlyweds?
