by Oscar R. Mondragon
Getting Married? Financial Advice From Experts
As soon as you decide to pop the question to your significant other (or they ask you to marry them), your life will start doing barrel rolls, both emotionally and financially. You will have to face numerous financial challenges, like buying the ring, buying gifts, wedding planning, and more.
In many cases, the first thing getting hitched does is throw your financial planning out the window. However, the more burdened you are in terms of your credit card and other debts, the more challenges your marriage will have to face.
Our wealth advisors strongly advise that when getting married, keep a close eye on how much you spend on gifts. They don’t cost much – perhaps you just want to do something nice for them while you are engaged, but these costs eventually add up.
Financial Advice for Couples About to Get Married
Some advice we usually give to couples that are about to get married includes but isn’t limited to;
Create a Goals List
The first thing you should do when you are about to get married is to create a list with all your goals. In many cases, couples in love with each other will make goals that are too difficult to reach. Once you have your list, water it down a bit to make it more realistic. Ask a friend or family member who knows you well to help you with this.
Talk Shop for A Bit
We recommend sitting down with your fiancé to discuss yours and their attitude towards money. This step is important because you may have completely competing views on spending and savings, creating a tug-o-war with your finances. Perhaps worse, you have the exact same views of money creating unhealthy habits to spend it all until you’re broke or save it all with no enjoyment. Your parents may be able to help give you some guidance here, but seek some professional advice as well – it will more than pay for itself.
Try to Get Rid of Debt
Starting a new life with a heavy debt to carry is like standing on a cliff’s edge, and instead of asking your partner to pull you back, you ask them to stand with you. If you can eliminate debt before the big day, then you can start your marriage off with a clean slate while skipping potential resentment from your partner in the future.
Consider Each Other's Roles in Money Management
In almost every couple, there is one who spends and one who saves. Understand the roles you and your partner have. Let the one who is more detail-oriented handle the budgeting part and day-to-day expenses, while the other should manage savings.
Ask a Financial Advisor for Help
You need a tool other than an MS Excel spreadsheet to help you keep your finances on track. The goal is to plan and make rational decisions, clarify issues, and help you streamline finances. Expert financial life managers and advisors can also play a critical role in helping you manage your money better.
And A Very Important Consideration: No Secrets
It is never a good idea to keep secrets about your finances to the one you are about to get married to. Let them know your current situation and consider its impact on your future together with them. If you must face difficult times, you should do it with them. However, don’t let them face the brunt of the issue. Keep your marriage even and fair.
For financial life management and personal advice, consider contacting Centric to help you prepare for the next step in your life!