Falling in love and getting married is sometimes an exciting whirlwind of lovely dates, emotional milestones, and that innate knowledge that this is “the one”. Many times, couples haven’t yet lived together or shared major financial decisions before marriage, and so don’t quite know what to expect before they begin their new life together. Before you say your I Do’s, it may be a good idea to discuss some of those big things in life, such as how healthy your finances are, and what your financial plans are for the future. Here are a few finance questions to ask before marriage:
1. How will your joint finances be handled?
Do you plan to blend your income into a single account, and pay for everything together, or do you plan to keep some things separate? Either option can work for couples, but it’s a matter of deciding what will work best for your individual personalities. If your thoughts on spending and saving are vastly different, or you simply prefer to keep everything as it is to avoid having to transfer things around, you may want to keep your income separate. If you find it difficult to separate bills between the two of you, a joint account may work better.
2. What are your long-term plans for your finances?
Everyone has a dream about what they want their life to look like down the road. Do you want to be able to travel, or would you rather invest your money into a large, comfortable house? Maybe you want to collect valuable cars, but your fiancé has their mind set on eventually living a totally minimalist lifestyle on the road. It’s important to discover these differences now, and discuss how you will combine or compromise in order to create a new dream together.
3. What are your feelings on debt?
Debt brings up a lot of things to discuss. It’s a good idea to discuss openly how much debt you already have, and how you plan to pay it off. How do you feel about future debt? Do you think that emergency loans, such as Car Title Loans, are a good option for dealing with financial emergencies? What are your thoughts on building good credit?
All of these questions can help you plan a better financial future together. By talking together now, before the stress of real life makes money management more urgent, you’ll be able to know exactly how to proceed when financial decisions must be made in the future.