4 Reasons Couples Should Have Finance-Related Discussions Before Tying The Knot

Marriage is one of the most life-changing moments in the life of two individuals. They leave no stone unturned to ensure that their wedding preparations are done right. In the busy schedule of preparations, many couples often forget what it takes to achieve a happy married life. There are many factors responsible for this including the financial aspects. Couples need to discuss the decisions related to financial aspects otherwise it can lead to conflicts in the marriage. This space articulates those decisions.

1. Common goals

Both husband and wife cannot treat their incomes as separate entities post-marriage. Spouses need to plan their financial expenditures according to the monthly expenses, retirement planning, etc. Husband and wife also need to have ample amount of savings regarding the future and travel expenditures. Both partners should keep each other updated about any steps taken regarding financial planning as well or not.

2. Difference In Temperaments

In a marriage, both spouses will have a different way of approach, especially towards the way of handling finances as well. One of the partners may have a habit of spending extravagantly. On the other hand, another partner emphasises savings for future purposes. In this scenario, one of the people has to be more tactful and advise their better half to be wise with spending.

3. Sharing the expenses

The concept of marriage is based on sharing responsibilities, whether it is about household chores or expenses. Splitting the expenditures strengthens the relationship and doesn’t make one person stressed about earning. It leads to peace within the marriage, and both can live a happy married life.

4. Joint or separate bank accounts

It is generally advised for couples to combine all their assets and money in joint bank accounts. This is advised so that there is transparency in the relationship. One of the spouses, however, can be persistent in having an individual bank account. In that case, the other partner should not pressurise him or her to go for a joint account. They should keep communicating with each other on an everyday basis regarding the finances of the household.