Your pre-wedding checklist probably includes items such as selecting a venue, choosing your wedding colors, and sending out invitations. However, there are a few more items that you should be adding to that list. Here are some financial aspects of your life that should be discussed before you tie the knot.
Before getting married, you and your future spouse need to have an open & honest conversation about money where everything is laid out on the table. Once you’re married, you should continue to make time to discuss your finances. Not talking about money doesn’t make potential problems go away; it just increases the possibility of something going wrong down the line.
Many couples opt to combine their accounts because it simply makes things easier. It may also be a good idea in the event of an emergency. If something happens to your spouse and your name isn’t on the account, you may not be able to gain immediate access to it. Sit down and compile a list of all the accounts and credit cards you currently hold. Once you complete this, compare and contrast the pros and cons for each account. Decide which cards and accounts you’ll keep and close the remaining accounts. If you decide to keep your money separate, it’s still a good idea to make a list of all the accounts you have.
CRAFT A BUDGET TOGETHER
It’s important to make sure that you and your spouse are on the same page when it comes to your finances. Before starting a budget, you will need to make a list of all of your expenses. Doing this may allow you to find places where you can make cuts. For example, if you both have a Netflix subscription, you can drop one of them to save some money. Your goals should be aligned so you’re not unintentionally sabotaging one another. However, if you have major debts, such as student loans, you should prioritize paying off those.
CHOOSING A PLACE TO LIVE
If one member of the couple already owns a home, this may be a fairly simple discussion. However, if you're planning on finding a place together, you have a few things to go over. For example, will you rent or buy? What are your needs and wants when it comes to a home? What can you afford? If you are a first time home buyer, here are some things that you should consider during your home buyer's journey.