6 Money Tips Couples Must Know For A Successful Marriage
Here's why you should discuss money and finances with your significant other when you decide to spend the rest of your lives together
Money is one of the largest reasons of marital conflict. Yet, for many couples, discussing money might seem like a taboo or contentious topic that they'd rather avoid altogether. So before you say "I do", take time as a couple to discuss money expectations and learn how to manage your finances as a team to avoid any potential misunderstandings and disputes in future.
If you're recently engaged, here are 6 wise money tips to know for a long, successful marriage:
1. Apply for engagement ring insurance
2. Plan a savings scheme for the big day (and beyond)
3. Be open and honest with each other
You’ve agreed to tie the knot, now is certainly not the time to be dishonest with your significant other about your personal finances. Lies about money can tear apart most relationships and cause conflicts in future, so it’s important to be open and honest from the start. Discuss your income, savings, any debts that you may have and any assets that you may have built up.
4. Lay out your personal views on money
5. Discuss merging your assets
When it comes to joint finances, many people have different views. And with the exception of ensuring that you are open and honest with your partner, there is no one-size fits all approach. For many people, the decision of whether or not to merge their personal finances depends on what their parents have done before. Therefore, many can make the mistake of assuming that their partner feels exactly the same way they do about their household’s finances.
6. Review each other's credit scores
It’s a good idea to review each others current credit scores as if/when you start applying for loans together, this will impact each of your credit scores. If your fiancé’s credit score is less than ideal, start to formulate a plan for how to improve it and ensure that it doesn’t impact you negatively.
As you’re planning for your special day together, be sure to take the time to plan your financial future together also. Be open, honest and discuss your finances regularly to set the foundations for a long and happy life together.
Related: 10 Secrets Of Happy Couples You Need To Know
Text: Jarrad Brown/Additional Reporting: Elizabeth Liew
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