Thread by @myunicy

FINANCIAL ISSUES TO CONSIDER BEFORE GETTING MARRIED

So, you've found that special someone to share your life with. Congratulations! Your marriage is certain to succeed, despite the fact that over 50% of marriages fail, right?
After all, you love each other & are ready to marry.

But how much do you know about your future spouse’s financial situation?

Since almost 90% of divorces have at their roots financial problems & quarrels. It's pretty likely that most of these couples headed into marriage without a complete financial picture of their relationship.

Here are TEN QUESTIONS for you to TALK OVER with your INTENDED SPOUSE so that you can both be on the SAME FINANCIAL PAGE.

1. WHO IS GOING TO MANAGE THE MONEY?

This is probably the number one question you can ask yourselves.

Please RETWEET, someone on your TL may need this 👇.

So many people enter marriage thinking that the other person is going to HANDLE EVERYTHING, only to find out later that neither person is keeping track of anything.
Decide who is going to manage the checking/saving/investment accounts, keep track of expenditures, etc.

Divide it up if necessary. However, both partners should always be AWARE OF THE TOTAL FINANCIAL PICTURE.

Regular financial meetings are an essential part of marriage.

2. ARE YOU BOTH GOING TO WORK? ONE OF YOU? BOTH OF YOU? FULL TIME? PART-TIME?

These are important questions for laying the bedrock of your budget. Generally, most couples choose for both of them to work, although some couples still choose to have the wife stay at home.

This is because they want the woman to remain at home to take care of the children.

Assuming, you both agreed to be working, what'll happen if you decide to have children? Who will stay with them? Will you need to find someone to care for them on a part-time or full-time basis?

3. IF YOU BOTH WORK, HOW WILL YOU HANDLE THE HOUSEHOLD EXPENSES?

Having two incomes can put surprising strain on a relationship. Suddenly, you have to worry about WHO IS CONTRIBUTING MORE to the household expenses and WHO IS NOT DOING HIS/HER "SHARE".

Decide how to handle this situation before it becomes a "HOT POTATO". Will you pool both of your incomes & pay household expenses out of that, or will you maintain separate accounts for your separate incomes &hold a joint one for expenses that you both contribute a percentage to?

Then, how much should each of you contribute? Weigh your options carefully and come to a consensus before the wedding.

4. HOW MUCH PERSONAL SPENDING MONEY SHOULD EACH OF YOU HAVE THAT DOESN'T HAVE TO BE ACCOUNTED FOR?

This is another important question to consider. Each spouse nerds some personal spending money to spend as he/she wishes without having to account for it, each of you works or not.

This is money that could be spent on hobbies, gifts, small purchases, etc.

Decide what is fair for each of you (the actual amounts per person may be different).

5. HOW MUCH COULD YOU SPEND ON A PURCHASE WITHOUT NEEDING CONSENT FROM YOUR PARTNER?

Set a limit on how much either of you can spend before consulting with each other.
For some people this may be only #5,000 if money is really tight; for others it might be #50,000.

Decide on an amount that will help you to live within your means and not create resentment.

6. WHAT IS YOUR ATTITUDE TOWARD MONEY?

Our attitudes toward money are often formed when we are just children. We may not realise their full effect.

Talk about how money (or the lack of it) makes you feel. Does it scare you? Excite you?Make you want to spend?

Make you want to horde it? How do you feel about buying on credit? How much debt is essential? How much debt is too much? Consider whether you're a SPENDTHRIFT marrying a MISER!

7. HOW MUCH DEBT ARE YOU BRINGING TO THE MARRIAGE?

If you can't be HONEST about this, there's not much HOPE FOR YOUR MARRIAGE.

Each partner needs to know the DEBT LOAD the other one is carrying, because once you're married that debt load is NOW SHARED.

Decide how you will manage it and work toward ELIMINATING THE DEBT.

8. HOW DO YOU FEEL ABOUT BUDGETING?

It's really surprising how many married people get by without a BUDGET. They're usually the ones in the deepest financial trouble.

Budgeting is KEY to making success of your marriage. A business would collapse very quickly without a budget.

How else would it know how much can be spent? Don't just talk about a budget in your relationship; PLAN IT OUT and MAKE IT WORK!

9. HOW OFTEN SHOULD YOU REVIEW YOUR FINANCES (BOTH SHORT and LONG TERM)?

Periodic financial meetings are an ABSOLUTE MUST. Some couples may need to check up on things every day or two, but most couples need to review their finances AT LEAST ONCE A WEEK.

That way they know how much money is in the bank and they can discuss their expenditures for the upcoming week. You should probably have a budget meeting at least monthly to plan out bills, etc.

Review your investments on an as-needed basis.

10. WHAT ARE YOUR LONG-TERM FINANCIAL GOALS?

Where do you see yourselves in 20 years? 30 years? 40 years? What are you doing about RETIREMENT PLANNING? Talk about short and long-term goals and create a plan to achieve them.

Marriage is not only a union of your SOULS, but a union of your MONEY as well.

Take the time to discuss these questions with your loved one.
Solve any DIFFERENCES or PROBLEMS you might have before you get married, and hopefully SAVE YOURSELF an EXPENSIVE TRIP to DIVORCE COURT!