7 tips for a balanced finance after getting married
Spend a day to share your financial perspectives
The first step towards building a solid foundation on the issue of money in marriage is a straightforward talk. Each family will have different financial management. Couples will deduct a sum of money to cover their bills, and each husband or wife will have their own fund. On the contrary, there are families that have only one money keeper, and that person will be responsible for spending money every month. However, every decision to spend should be the consensus of both. Discussing the basics, sharing your financial worries and fears with the other person will be a great start.
In the beginning, because of the difference in spending habits, you will probably have disagreements, for example, you want to spend more on food while the other half likes to shop for technology. Even the way to invest money can lead to conflict, for example you like to buy gold while he or she likes to send money to the bank... Listen to their opinions and explain the reasonableness of your choice, you two can agree on a spending plan and still feel happy, comfortable.
Spend your money wisely, save more
Marriage sometimes comes with additional benefits but it also means that the fees will be increased when you two start a new life together. In the early years, you will be spending a great deal of money from wedding to buying new house, getting new furniture... The following years after that will be the preparation for your children and the cost to raise them. If you do not have any saving, it is very difficult to get the job done.
Check your debts
Since your prospective spouse is not jointly liable for premarital debts, it will be an obstacle for both of you to get married and to try to fulfill your financial goals. Minimizing your debts before marriage will help both of you avoid awkward situations as well as reduce the pressure after getting marriage.
Check your life insurance and your plans
In the early stages of marriage, maybe you will not remember and want to review your real estate or life insurance plans, so just update information about these account's beneficiary right away. It is best to name your husband/wife too. Although this is not the purpose of marriage, you can still feel more secure about your future health and safety.
Exchange credit score
Your prospective partner's credit score can tell a lot about their personality, lifestyle, and financial holdings. A recent survey by Freecreditscore has found out that 30% of women and 20% of men say they would not marry anyone with poor credit score. Exchanging credit score helps you and your partner deal with personal questions and build trust between you two.
Create a prenuptial agreement
Today, more people are concerned about prenuptial agreements. If you are not satisfied with the laws of your country regarding divorce and property after divorce, you may be able to draw up a prenuptial agreement to specify your own financial requirements in case of divorce.
By: Archie Henderson