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.
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.
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 👇.
Decide who is going to manage the checking/saving/investment accounts, keep track of expenditures, etc.
Regular financial meetings are an essential part of marriage.
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.
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?
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".
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.
Decide what is fair for each of you (the actual amounts per person may be different).
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.
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?
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.
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.
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.
Review your investments on an as-needed basis.
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.
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!