If you’re going to be getting married soon, you might have your mind filled with all types of wedding-related concerns. From finding the right dress to insuring your vintage engagement ring and solidifying the guest list, there’s a lot on your plate leading up to your wedding. However, it’s important that you remember that your wedding isn’t the finish line—it’s the starting line. So while you might be fixated on preparing for the wedding, you should also be preparing for life after the wedding, especially when it comes to your finances. To help you out with this, here are three tips for preparing financially for after your wedding’s over.
Ask The Hard Questions
Depending on how long your engagement has been, there may still be quite a few things about your fiance that you don’t know yet. While many of these things you’ll just learn with time, some of them are things you should try to find out sooner rather than later, including questions about their financial history. According to FocusOnTheFamily.com, you and your fiance should discuss your opinions about credit cards, future home purchases, lifestyle expectations, debt, and more when preparing for your lives together. Although taking about money can be hard, it’s going to be well worth it for the happiness and success of your financial future together.
Make A Plan For Your Financial Future Together
Before you got married, you were probably only worried about your own financial decisions and how they would affect you. But now that you have a spouse, you have to decide how much of your finances you’re going to join together. According to Wes Moss, a contributor to The Balance, there are really three options here: keep everything separate, join some things together, or join everything together. There is really no right or wrong answer; just what situation is going to be best for you and your new spouse. Just make sure you’re both on the same page with what you want and how to handle your future finances.
Tackling Debt As A Couple
Although most things become “ours” once you get married, debt isn’t necessarily one of those things. Because of this, it’s important to speak with your fiance about how you want to handle each other’s debts that you bring into the marriage. While you don’t automatically take on each other’s previous debts when you get married, Kerri Anne Renzulli, a contributor to Time Money, shares that your partner’s debt can make it harder for you two to qualify for credit together, like when buying a car or a home. Because of this, you should make tackling debt a priority for your marriage right from the start.
To help you and your future spouse have a happy, healthy marriage, consider using the tips mentioned above to help you prepare for your financial future with one another.