It is important to have a frank discussion with your spouse-to-be about matters of money. Each of you has a money-management style and by writing it down and having a discussion them, is an important area of your soon- to- be marriage.
Different scenarios may arise when you have this discussion. One partner may see an early retirement in their future, while the other may want to buy a new home or look at debt reduction. Different priorities need to jell together to avoid any future misunderstanding. Budgets need to be set and life style and future goals made a priority.
There are many financial decisions a couple must deal with before the big day. Included in these decisions are- how pay cheques will be used; whether there will be joint accounts and how household bills will be paid.
Photo: Sheryl Davies
Priorities may include debt reduction, reviewing insurance, a home saving fund and establishing an investment plan. You also need to talk frankly about credit cards use. A saving plan strategy and establishing an emergency fund should also be priorities.
It really matters that you sit down and have a pre-marriage talk about money. Each of you come from a different perspective and by talking openly and honestly about your future stability is essential to a good relationship in the future.
