Money is an essential element that brides and grooms must understand for financial stability within the marriage. Therefore today, we are going to talk about the Top 5 Things Engaged Couples Should Know about Money.
5. Money comes and it goes. Don't let it change how you treat the one you love. There will be times when you have a surplus and there will be times you have a deficit. What will make the difference is how you handle the challenges that come as it pertains to money. There are people who let money change them when there is a shortage. Hmm, are they really changed or is the true person actually surfacing? Be careful how you answer that one.
4. The sooner you begin to talk about money and your behaviors the better off you are. No one that I've ever met likes to be surprised about people's financial behavior and/or background. I'm not saying you have to put it all on the table the first night and scare you future spouse off. Begin having the discussion slow and with purpose. Once you start the talk, it becomes easier and easier. It is the first time that seems like the hardest because you don't want to be judged.
3. You must have mutual financial goals as well as individual financial goals for your marriage! It is key that both of you have a journey that you will be on when it comes to finances and that it is not one sided. If you are engaged to someone that doesn't have financial goals, it may be tough to even communicate about the finances. Husbands and wives have their differences, sure. In the same vein, there are some areas where they are so much alike it makes life easier. Ask what are his or her financial goals as an individual. Then ask what they would like to see happen on an individual level with their finances.
2. You must decide who is going to manage the money for marriage. You cannot go into your marriage haphazardly without discussing whose going to manage the money and why. Don't assume that the wife will want to manage the money. She could be bad with money and should not have the position. Talk openly about how each other pays their bills right now – on time, late or do they need to be reminded. Do they know what their credit card limits are, how much have they charged and how much do they need to pay per month. Who is good at handling the details? There's a lot that comes a long with managing the money for marriage.
1. Communication is going to be key! Continuous talk about money before and throughout the marriage so there are no surprises. Don't buy into, we'll discuss it when a financial problem happens. That is not the time to begin the conversation. Even though one person is managing the money, they need to keep the other spouse in the loop of what is happening with marital finances, bills, financial goals for the marriage.
Share with us one of your top 5 things engaged couples should know about money!!