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5 Money Questions to ask before marriage

An engagement can be one of the most exciting times of a couple’s lives together. With all the planning and wedding preparations, it can be easy to lose sight of what you want your marriage to look like after the wedding. As a young gyal who happens to be married, i feel like we are moving backwards since my husband and I barely started talking about money and finances, how we will manage it all, etc.

It’s important to take the time to discuss your finances with your partner in order to get on the same page BEFORE getting married. Not every couple can be as in sync as my husband and I, luckily we agree on most things like money and beliefs so that comes easy for us. So enjoy reading these are 5 money questions to ask before marriage!

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#1 what are your long-term financial goals?

Establishing financial goals as a couple is crucial to your long-term success. As early as possible in your relationship, you and your partner need to decide what your future will look like financially. Are you both saving for retirement? Is one of you planning on going back to school? Do you want to purchase a home together? These are all investments that take time to plan and grow, so the sooner you start the better. If you’re just starting your financial journey and would like to buy a home, you can look into an FHA loan. These are perfect for first-time buyers as they require a lower credit score and down payment than traditional loans. 

 

#2 do you want children?

You’ve seen it in movies and literally everyone says this, children are a fortune!

Whether growing your family is something that you both want to do immediately or down the road, there’s a certain amount of financial planning that’s involved. From babies, all the way through high school and even college your children will be dependent on you financially so it’s important to be prepared and start planning early. Discuss how many children you want with your partner, and then sit down and create a budget and savings plan to put aside for your children’s future. You’ll also want to factor in a savings plan for college.

#3 are you in debt?

Between credit cards, student loans, and auto loans, there are plenty of ways that you can accumulate some debt. When getting married it’s important to be open and honest with your partner about how much debt each of you has. The more transparent you both are about your debt, the easier it will be to pay it off together, allowing you to save for other things you may want to purchase down the road as a couple. When you think about it, opening up about debt is kind of like opening up and getting more connected with your partner. You feel good after sharing about your “problems” with one another so this will also help your relationship grow.

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#4 will you combine finances?

Combining your finances after marriage can be a difficult decision to make as most people are used to managing only their own. When having this conversation make sure that you’re clear and upfront about your comfort level when it comes to things like having a joint bank account or sharing credit cards. This is also a great time to establish how your monthly bills will be paid. Will one of you take on the responsibility or will you divide them up equally? The better you set expectations the easier time you’ll have in the long run.

#5 what will our budgeting plan be?

Finally, none of these conversations will mean anything if you don’t create some type of budget to allocate your finances to. Establishing a clear and thought-out budgeting plan will help you manage your money more effectively as a couple allowing you both more financial freedom long-term. If you feel lost and don’t know where to start, there are many online resources and pinterest ideas that can help you start your budgeting plans

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Talking about finances with your soon-to-be spouse doesn’t have to be intimidating. Remember to be honest with each other and start the conversations and planning early to set you both up for a happy life together without the worry of financial burden.

 

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