An honest discussion about finances is a great first step to building a strong foundation for your marriage. Here are 10 things to talk about.
1 The Wedding: Don’t spend your life savings on rings and festivities. Establish upfront, a mutually agreed upon, and realistic budget and stick to it.
2 Your jobs: Will you both work full time, or is one of you starting a business?
3 Financial Philosophy: Examine both your approaches to spending and saving. What are your financial goals, short, medium and long-term?
4 Your Home: Discuss where you will live. Will you rent or buy? If you decide to buy, how will you pay for the down payment?
5 Combining Your Finances: Determine whether you will have single or joint accounts or a combination. How will you handle bill and shared expenses. How you will treat debt that you are responsible for, individually and as a couple, and formulate an payment plan.
6 Your weaknesses: Share your money weaknesses so that you can encourage and support one another.
7 The Extended Family: Decide how you will handle financial expectations and traditions with the extended family and friends. Establish expectations and financial boundaries ahead of time.
8 Talk about children: How many would you like to have? How do you feel about adoption? What is your timeline? How and when will you begin to save for your children?
9 Emergencies: Plan for the unexpected by establishing an emergency fund. Include medical emergencies, natural and other disasters such as floods, fire, and potential job loss and so on.
10 Retirement: Build a long-term savings plan and decide if and how you will invest. Discuss how your retirement savings will change as you reach different stages of life.
And remember to revisit these topics as your lives and circumstances evolve through the years.
Read the full article at :https://www.smartaboutmoney.org
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