While romance plays a part in marriage, a committed relationship's practical side is also essential. Discussing and planning your finances is an indispensable part of your long-term plans as a couple. It is important to re-evaluate your finances at critical milestones to ensure things go smoothly. Here are our suggestions for the life stages that warrant a talk about dollars and sense.

Coins and courtship

The whirl of excitement that comes with a serious relationship can be intoxicating. Once you have established that the two of you mean to stick for good, it may be timely for your first serious conversation about money. The most important things to establish here are means and expectations, as knowing how much you have to work with and what you will likely spend on are the basis of sound financial planning. Many young couples may not be financially stable, and if so, talk about your career prospects and hopes, trying to be as practical and honest as possible.

Do your best to ensure that neither of you are going into the relationship blind, and set the bedrock for a happy future together, such as by attending some marriage workshops marriage workshops.

To the wedding and beyond

Once the engagement has been set, the time is right to discuss your next financial steps. This is a hugely vital discussion as the two of you are about to tie both the knot and your finances together, so take the time to sit down and go into as much detail as possible. This is the time to lay out salaries, expenses, budgets, and more to give you both a clear path to walk down and your roles on that path. Clarify what big ticket items may be on the horizon, such as a new home or car, and discuss what wedding arrangements you have in mind. You are paving the way for the future here, so be sure to make an effort here, as it will save you a great deal of trouble later.

Make way for the kids

Many couples dream of having children, and planning your money carefully can make that dream come true smoothly. Before having a child , you must understand the financial costs involved, so do your research with your partner and inform yourselves to be as equipped as possible. Consider expenses like basic needs, education, healthcare, and be aware of any subsidies or benefits the government provides to avoid missing out. A new mouth to feed in the family certainly warrants planning, so start your family cheerfully and carefully.

Older and wiser

A beneficial time to talk about finances is your relationship's growth period. This period is when your household finances have grown and stabilised, and you begin thinking about what to do with excess savings or the fruits of investments. This is when you can start to make mid-life plans and think of how you want to live your autumn years, perhaps even budget for living out your dreams now that you have the resources. Try to be mindful of the future while making plans to best enjoy this successful period of your life.

Retire in style

When one or both of you consider retiring, another money talk is in order. Take stock of what you have and look at how it compares to the expenses that come with old age. Retirement is when income often dries up, and bills mount, so be sure to budget carefully and give yourselves leeway for unexpected expenses. A good point to remember is that simplifying your finances is a practical idea. This includes cutting down investments and accounts and consolidating documents and files. This will give you an easier and less stressful time managing your retirement so you can leave the workforce in style.