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1. HOW DO YOU SPEND?
Your future spouse’s spending habits is one of the most important things that you must uncover. Whether you are a saver or a spender, your spending habits can influence the growth of your wealth. Discuss your this matter while keeping an open mind. Then, brainstorm on how you can blend your distinct spending habits in order to manage your wealth as a couple.
2. ARE YOU SPENDING A LOT FOR YOUR WEDDING?
Some people dream of lavish wedding ceremonies while otherS prefer simple gathering. As a unified couple, plan how much you are willing to spend on your wedding day.
If you want to save money, schedule your big day during off-peak months. Usually, getting married in “off-peak” months such as November, March, and April can be less expensive than marrying in “peak” months such as December and February. Save even more money by scheduling your honeymoon when the hotels and resorts are off-season.
3. DO YOU WANT TO HAVE A PRENUPTIAL AGREEMENT?
Even if we live in the most expensive city in the world where finances shall be carefully planned, do not assume that your fiancé is comfortable with pushing through a prenup. A prenup may suggest lack of trust in one party as you are planning for unforeseen divorce. Aside from this, talking about monetary and property division can make the marriage sound more like a business matter. Truly, this is a sensitive subject matter that should be handled with care, love, and honesty.
4. DO YOU HAVE EXISTING DEBTS?
To prevent unforeseen monetary issues, understand each other’s view by explicitly discussing your differences on financial issues. For honesty’s sake, show a copy of each other’s credit report. Know what your debt and income are actually worth so that you can realistically plan on how to pay for the remaining debt. Your partner’s lack of credit history will reflect on your credit score if you combine accounts.
5. SHALL YOU OPEN A JOINT ACCOUNT?
There are undeniably advantages and disadvantages to opening a joint account but it all comes down to your spending habits. Discuss whether you want to open a joint account solely because of the household bills or your emergency fund. Having a separate bank account is acceptable but, you have to tell your spouse about it.
6. HOW WILL YOU PAY THE BILLS?
Do not assume that your future husband has got all the bills covered for you. Instead, you must openly discuss how you will split the bills. If you come from a multiracial background, it is better to understand money with respect to each one’s culture.
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Keep in mind that your goals are the same – to efficiently spend and save as a couple. As a team you may utilize your partner’s credit card to make use of the grocery rebates while the other takes care of the grocery shopping itself.
