February.6.18Family Finance
Money Matters with Nimi

An honest discussion about money is an important step in building a strong foundation in marriage. Here are some talking points:

1 The Wedding: Don’t go broke or into debt for the wedding. It’s just a day. Agree on a realistic budget with your families and stick to it.

2. What are your short, medium and long-term financial goals?

3. Financial Philosophy. Examine your approaches to spending and saving. Share money strengths and weaknesses.

4. Work: Will you both work full time, or is one of you running a business or starting one?

5. Housing: Where will you will live? Will you rent? If you decide to buy, how will you pay for the down payment?

6. Combining Finances: Will you have a single or joint account or a combination. How will you handle bills and shared expenses. Consider debt that you are responsible for, individually and as a couple, and formulate a payment plan.

7. The Extended Family: How will you handle financial expectations and traditions from extended family and friends. Establish expectations and financial boundaries.

8. Children; How many? How soon? Any thoughts about adoption? Children from earlier relationships/marriages. When will you begin to save for them? Type of education.

9. Emergencies: Plan for the unexpected by establishing an emergency fund. Include medical emergencies, disasters, potential job loss etc.

11. Life and health insurance, educational insurance and of course car, home, renters: protect your assets as you build together.

12. Investing : Build a diversified long term investment plan tied to your financial goals for building wealth and a legacy.

Revisit these issues as your lives and circumstances evolve through the different stages of life.

#MMWN #romanceandfinance #money #relationships #love #MoneyMattersWithNimi

Image: beautifulbudgetlife.com

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