When you are ready to get married, money matters are often the last thing on your mind. However, it is very important to make sure that the two of you are on the same financial page. This will help to reduce financial disagreements in the future and contribute to the long-term security of your marriage. Although finances should not be the determining factor in getting married, they do play an important role. Here are some of the questions that you need to resolve prior to your marriage.
*What are your long term goals?
While this may not necessarily be a financial question at first glance, it is important to figure out what your goals are and if they are compatible both with one another and with your financial abilities. If you both want a house and children within the same time frame, etc, you will be better off if you discuss this prior to your marriage, rather than if you do not talk about these things and they come as a surprise later on.
*How are we going to handle children?
Children are a blessing, no matter what, but the fact remains that they do cost money. If one of you wants to stay home with the children, this is something you will need to plan for, because it may cut your income by as much as half or more. Even if neither of you stays home with the children, there are still daycare costs to be taken into account, and daycare can sometimes eat up an entire salary, making it cheaper for one person to stay home with the children. Of course, it depends on the salaries, but it is something that you have to take into account.
*How do you handle saving and credit issues?
This is probably one of the most important questions to ask as it pertains to how your new spouse will handle the finances with you. It is possible to have a successful marriage between a person who has poor credit and saving habits, and one who has good credit and saving habits, but there will have to be some compromises made. In those cases where the spending and saving habits are not compatible, it is best if the one with the best habits where spending and saving lie is the one in charge of the finances, and the other will have to work within a budget.
These are probably the most important issues that you will have to deal with as far as money goes. Do remember, however, that if you are truly in love, credit and money don’t matter, because those issues can be overcome as long as you keep the lines of communication open.