Marriage Planning : Some important money conversations to have before getting married

During the period of marriage planning, especially in the last few months the soon-to-be-couple talk between themselves a lot more than ever and discuss on a wide range of topics. From expectations to hobbies to life goals, the discussions may seem endless. But one thing that most couples hesitate to talk about is finances. However, just like anything else, it is crucial to sit and discuss financial planning with your partner ahead of the wedding date. Here are a few money conversations you must have with your partner before getting married.

1. “Do we have similar attitudes towards money?”

You should ask each other whether the two of you have a similar attitude towards money. If one partner likes to spend a lot while the other one is fiscally cautious, talk it over. Let us remind you that neither approach is right or wrong. The sole idea behind having this discussion is to know whether you are both on the same page when it comes to spending and saving. Even if you have different attitudes, make sure you create a long-term financial plan that respects each other’s preferences.

2. “How much should we save and spend?”
 

After you have discussed your attitudes towards money, talk about how much you will spend and how much you will save during the initial phase of your married life. You can also decide on a mutual budget after knowing each other’s spending habits, needs, wants, and future financial goals. You should also discuss money-saving tips and how you can save and invest your money in different investment avenues.

One of the best ways to save money together is to open a joint Savings Account. You can also open separate Savings Accounts and start saving individually. With IDFC FIRST Bank, you can open a Savings Account online and earn a high interest per annum on your savings. 

3. “Is there anything we don’t know about each other?”
 

There can be a lot of things you don’t know about each other in the beginning. We are talking about the financial aspect. Ask each other if there is anything important you should know about each other. It can be a loan that one of you might have taken or a financial responsibility that you are already fulfilling. Such a conversation will help you get a better idea of where you stand as a couple and how you should approach your financial planning.

4. “How should we split financial responsibilities?”

Now that you have decided to tackle everything together, you should discuss splitting financial responsibilities among yourselves. If both of you are earning, you can distribute the expenses proportionately. For example, you can decide who is going to pay the electricity bill, who buys the groceries, and who will pay for dinner when you both go out. Start planning for every expense that you can incur in the short or long term.

Conclusion
 

We have just highlighted some crucial ‘money talks’ that you must have with your partner before the wedding date. Even if you are already married, you can have these conversations with your spouse to ensure that you are on the same page. This will ensure a happy married life - at least from the financial angle!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.