I CAN'T WAIT TO DOCUMENT YOUR LOVE.
Financial Questions: This includes financial planning, which can often be the least romantic aspect of getting married – but one of the most important. Whether it is about your individual debts or the wedding budget, approaching finances in a mature and responsible way can help ensure a smooth transition into marriage. Get ready to start talking money! Before you tie the knot, make sure to discuss these financial questions with your future spouse.
Financial Questions: What Are Your Finances Looking Like?
It’s important to have an honest conversation about each other’s current finances prior to tying the knot. Discuss your respective assets and liabilities, including any debt or student loans either party has accrued. Knowing what each partner brings to the marriage financially can help inform decision-making when it comes time for budgeting, investing, and saving for retirement.
Financial Questions: What Are Your Debts?
This may be an uncomfortable conversation but financial transparency is important before embarking on this journey together. Do some personal research and find out how much debt each of you have – including credit cards, student loans, car payments, mortgages, etc. It is also essential to understand each other’s spending habits and credit scores. These are all conversations that can help both partners better manage their finances going forward.
Financial Questions: Who Will Manage Finances?
This is another crucial question that must be asked before getting married. Who will handle monthly bills? Who will pay taxes? How will joint accounts be managed? It’s best to decide this ahead of time so you don’t run into conflicts down the road. For example, if one partner wants to save more money while the other wants to spend more money, this could create tension in the relationship if it’s not addressed early on. The average cost of a wedding in the U.S. is around $33K – so it’s no surprise that couples tend to worry about wedding costs. Talk openly about what you both want for your special day and who will be paying for what (parents, grandparents, siblings?). Once the details are sorted out you can move on to other pressing questions like how much money should be allocated towards the honeymoon or any other post-wedding activities.
Financial Questions: How Much Do You Want To Save For Retirement?
Retirement should definitely be part of your financial conversations before marriage; as individuals, you may have different goals as far as how much you want to save for retirement each month or year. If one person wants to invest more than the other, it’s important to reach a compromise that both parties agree upon and work towards together. Additionally, make sure that both partners are aware of any retirement plans from previous jobs or employers so those funds can also be allocated accordingly in your joint financial plan. Once you get married, saving money becomes a priority as it helps with future planning like buying a house or starting a family. Start by setting up an emergency fund with enough money saved for three months’ worth of living expenses in case something unexpected happens like job loss or medical bills. Also, try to figure out when you both would like to retire and work backward from there on how much needs to be saved while considering things like inflation and market changes over time.
Having a frank discussion about finances before marriage may not sound like a fun time but it’s definitely necessary for couples who are serious about making their marriage last. Asking yourself (and your partner) these questions before walking down the aisle can help ensure that both parties begin their union with transparency and understanding regarding their shared financial goals and responsibilities. Happy planning!