Found Your Perfect Life Partner? Discuss These Financial Things Before Marriage

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Are you getting married? Before getting into a relationship and commit to spending the rest of your lives together, you need to discuss some financial things.

Consider starting with the following points:

Tell about your situation

Tell your spouse about your current personal financial situation. Don't hesitate to reveal to him or her debt or credit problems .

Know the differences

Before entering into a relationship know your financial goals. Write out your individual short-term, mid-term and long-term financial goals. Discuss their similarities and differences. If both of you have same plans, the path will be very easy.

Communicate your feelings about money

Discovering each of your financial and money management styles will definitely help you to set financial priorities and preferences. Talk about how you'd like to retire and how much you'd want to contribute to college funds for your future children.

Plan future expenditures

Both partners in a relationship must be aware of the overall financial situation. Plan monthly meetings to discuss your finances. Make all significant financial decisions together.

Select the money manager

Before getting married, select the future money manager. If your partner is good in handling money make him or her as the chief finance officer of your family. The family chief finance officer is responsible for paying bills on time, updating the family budget, and keeping track of family investments.

Your wedding budget

It is a parent's cup of tea but nowadays bride and bridegroom have a role in deciding their wedding budget. Agree on your overall budget for your wedding. So many couples start out their union in debt due to an expensive wedding.

Story first published: Thursday, November 24, 2016, 11:39 [IST]
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