What You Need to Know About Handling Finances As a Married Couple
Love can be an overwhelming and overpowering emotion as it blacks out everything except for the feelings you have for the wonderful person in your life. Soon, you'll have marriage on your mind and wedding bells in your head. It's all perfect, except for one minor detail: You will need to pay the bills after your honeymoon is over.
Smart couples talk about money before talking about marriage. The need to pay bills can damper any relationship, and talking about money before talking about marriage can go a long way in helping your marriage be successful.
Do you and your spouse see the same things when it comes to money? Does he like to spend while you like to save? Does she like to shop for clothes while you'd rather buy a house? Building a life together means more than going out and having fun. You'll now be combining your financial affairs, and your spouse's choices will have a large effect on how you both meet your financial goals in the future. What's your status together?
Budgeting
You both need to look at where each of you stands with money and finances. Your combined incomes need to cover the costs of all your expenses, including debts like car loans, school loans, and credit cards. Making a budget can help you with this. Even though many people may shudder at the idea of making a budget, this isn't just about restricting what you spend. This is about figuring out how much you can spend after the bills are paid.
Bankruptcy
There could be a serious aftermath if either of you ever filed for bankruptcy. Even though this topic will probably never come up during dinner, you will find out if you ever apply for a loan together. It's best to share this information early so that neither of you are surprised.
Debts and Assets
You need to consider both debts and assets when talking about your financial life together. You should discuss your plans for any potential nest eggs that either of you may have saved in a savings account or an investment account. Likewise, a prenuptial agreement may not be romantic, but it may help minimize future problems if either of you is a partner in a business or is the heir to a family fortune.
When It's Time to Talk
It's time to take off those clichéd rose-colored glasses if they are keeping you from talking about money. You need to take some time to talk about your financial goals before you send out wedding invitations.
After you've talked about your current finances, you should talk about the future. What goals do you have as a couple? Do you want to have children? Do you have an emergency savings account? Do either of you have plans for retirement investments and savings?
Marriage and Business
You can only live on love in pop songs and the movies. In reality, marriage is a serious matter and a legal contract. You and your partner should enter marriage with a strong understanding about the financial factors of the agreement like your debt credit ratio. Doing this can lead to a long lifetime of happiness instead of a bumpy road.
You should spend an afternoon talking about your financial dreams and goals. If you can come to an understanding about your finances, there are good chances that you'll be successful in life and love as you work together toward your goals.
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Source: http://ezinearticles.com/
Added: September 22, 2008
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