Families For Life | Say 'I Do' to sound financial planning in your marriage

Wedding vows, check. Rings, check, but have you said “I Do” to taking the big step together towards sound financial planning? One of the most important things to consider when you get married is how you manage your money as a couple. Here’s how you can avoid conflicts over it and focus on your Happily Ever After!

Understand Each Other's Financial Situation

Everyone has a different approach when it comes to handling money. While you may be a prudent saver with careful financial planning, your partner could be more spontaneous with spending. That’s why it’s important to have open conversations about your financial habits.

Understanding each other's perspectives lets you find common ground when making financial decisions together. When you have those conversations, approach it with empathy and work towards overcoming any financial hurdles together.

Plan your finances together

Sit down together and look at your combined income and expenses. A joint budget helps you track where your money goes and ensures that both partners are on the same page. This approach can highlight areas where you can reduce spending and reveal opportunities to save for future goals together. There are even resources online to help you budget and save!

You can also decide how to manage shared expenses like utilities and groceries. Some married couples split these expenses equally, while others split proportionally based on their income. The key is to agree on a method that feels fair to both of you. Also, discuss your long-term financial aspirations–from buying a new home to travelling, starting a family and retiring–and start saving for them together.

Prepare for the unexpected (and expected)

Marriage is for life, and your financial responsibilities will evolve over time. Consider potential changes like a career shift, having children, or supporting elderly parents. Planning for these possibilities allows you to build a financial cushion to navigate them smoothly. As you enter this new phase of life, it’s also a good time to review your health and life insurance.

Communication is key

Don’t spend on impulse, especially if it is a significant purchase or financial commitment. Discuss the decision with your partner first. This practice ensures that both of you are comfortable with the decision, preventing potential disagreements.

Make it a habit to have regular financial check-ins, too. These discussions can be monthly or quarterly, depending on what works best for you. Regular communication helps address any concerns promptly and keeps both partners engaged in your financial journey.

Remember, embarking on a financial journey together requires patience, understanding, and collaboration. Implementing these strategies and preparing for your life together can help you and your partner build a sound foundation for a healthy (and wealthy) marriage.