Why should financial discussions be a part of your wedding plans?

Why should financial discussions be a part of your wedding plans?

The months of lockdown and confinement in our homes were a tough test for many couples. If you managed to overcome the obstacles and are planning to get married, why is it important to include financial discussions in your wedding plans?

While every married couple is bound to have some financial conflict now and then, starting a marriage after answering these money questions together could help you get off on the right foot.

Several studies have actually found that money is a top cause of stress in relationships, especially in times of so much uncertainty and struggle as have been the last months.

Learning how to talk about money before you get married can be key to help align your financial hopes and dreams.

Talking about money in advance will help you agree on issues that can bring stress later on.

These are four money questions you should ask each other before marriage to avoid trouble later on:

1. Will we have joint or separate bank accounts?

Another way to talk about money before marriage is to consider whether you want to combine bank accounts, keep them separate or do a combination of both. The decision depends on each person’s preferences and the needs of the couple.

2. Are we aware of our debt, assets, and expenses?    

It is important to sit down as a couple and take inventory of all the debt and assets you’re each bringing into your long-term commitment. This includes everything from student loans and mortgages to savings and retirement accounts. You may also want to analyze your salaries and monthly expenses to see your full financial picture.

Knowing about our partner's assets and debts is a key element

3. How could our financial dynamic change over time?

Subjects such as saving for college, aging parents, or who will work after having a baby should be discussed. While the answers to these types of questions are personal and will vary from couple to couple, the most important rule is ensuring couples address them early on so there’s a clear understanding of how to handle each situation when it arises.

4. How has our upbringing shaped our goals?

In many cases, an adult’s upbringing shapes his or her financial goals so it is important to know how your parents handled money and how this has influenced your financial expectations and goals.

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