For every individual, a marriage decision is the most crucial part of their life. The fact that one has to spend a lifetime together with the partner is something that requires a lot of time, thinking, and also knowing them really well. Before getting married, there are various good and bad, strengths, and weaknesses of the partner that one must really be aware of. Deeper conversations about your future plans are also necessary. And one really important conversation that we really don’t pay attention to or rather avoid is about finances and money. To avoid any big financial secrets in the future that can create serious issues in the relationship, money matters are necessary to discuss. And here are some points that you can talk over.
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Is There A Debt On The Partner?
It’s always better to ask this question before marriage. Knowing about a heavy debt your partner owes to someone comes as devastating news if not dealt with earlier. There might be student debts or maybe business loans, knowing about them beforehand plays an important role in helping you decide the risks involved in the financial security with the partner.
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Partner’s Expenditure Patterns
Well, if you are a person who is very balanced with the spending you make on essential items and luxuries, then you most likely will not settle well with partners who overspend. This was just an example to highlight that how your partner spends the income is necessary to know before marriage.
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How Much Money Do They Save?
Saving patterns are also important to discuss. This shows how well they are capable of planning the financial stability of their family for the future. Conversations around savings also reflect a person’s long-term plans and goals.
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Bank Accounts And Financial Management After Marriage
How will you manage your individual finances with your partners should also be discussed before marriage. Whether there has to be a joint account or not, or the separate bank accounts continue to be as it is even after marriage. These money talks make a lot of difference in marriages.
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How To Manage The Household Spending
What will be the monetary contributions made by each one of you for the household expenditure after marriage should also be clarified. That segregation of financial spending is of utmost importance!
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So you see, there should be shame in initiating money-related conversations with your partner before marriage. It is a huge aspect in deciding whether or not to commit to someone for a lifetime. If there are hesitations over it, then probably re-think your decisions, because financial transparency is a must. In addition to all of the previous points, planning for when to have a child or not should be clear before marriage, so that you and your partner can properly plan your savings for that transition in your lives.