Love and finances are two topics that, when combined, can be a little touchy. When you get married, however your finances more often than not, are going to be combined. Purchases like cars and houses, in addition to whether or not you’ll want children are financial subjects that should be discussed together. So, let’s say you’re engaged and about to get married, what can you do to ensure financial success after your vows have been exchanged?
1. You’ve got to talk about it
Finances are not going away, or getting easier after marriage. Open the lines of communication with your partner when it comes to money.
Create a budget the two of you will agree upon, and use for the future. Discuss which purchases you will or will not tolerate.
3. Create goals
Having mutual goals such as saving for a house, car, travel, children, etc. is really important. Not only are you creating a united front, you’re also building a future together.
4. Prep for emergencies
Having an emergency fund for shared finances such as medical, car & housing damage, family emergencies, etc. will help you weather any unexpected storms. Another important thing to have is a life insurance policy, of which your spouse in a beneficiary. That way if anything happens to you, they are taken care of.