Whether you’re splitting the bill on a first date or planning your first vacation together, discussing money as a couple can be super awkward. But before you say “I do”, it’s important to be on the same page both emotionally and financially – which means, if you haven’t already, it’s time to have the money talk.
Need some help? Here are five money and marriage tips that could help you get closer to your financial happily ever after.
- Save for the wedding – and beyond
Many couples spend a significant amount of time – and money – planning for their “dream wedding”, but very few consider the financial responsibilities after the honeymoon phase ends and reality sets in. So while you’re putting money aside for the big day, don’t forget to have some money saved for a deposit on a new home, a major purchase (such as a new car), family planning, or even just a rainy day.
- Share your financial secrets
Before you share a life (and everything else) together, it’s important to be “financially naked” together by sharing what each of you own – and owe. This includes disclosing your income, savings, assets, debts, credit history, and other liabilities. Are you looking to be equal financial partners, or is that not feasible? The key is to maintain constant and honest communication.
- Spending and saving habits
Everyone manages their money differently, depending on their upbringing, financial goals, personal interests, and disposable income. Be upfront about your day-to-day financial planning so you can find some common ground, and where you need to compromise. Talk about things that you have personally been saving for already, and things that you would like to save for in the future as a married couple. Discuss the dynamic between saving and spending and where you can both strike a balance. And – very important! – come up with a household budget that you are both happy and comfortable with.
- A joint effort? Think about a joint account.
There are multiple ways to manage money in a marriage (try saying that five times fast). It’s important to openly discuss your options and see which will work best. Do you want to move everything into one joint account that you both have open access to, with an agreed budget? Or keep your individual accounts for independent spending, and make a regular fixed contribution to a joint account for household expenses? You can also break down the household budget and take responsibility for different items, such as groceries, rent, and bills.
- Prepare for the worst
Marriage takes a lot of planning – and that doesn’t stop once you’ve taken those vows! When you are married, it’s important to prepare your new family for what life could bring: in good times and bad.
The purpose of insurance and/or is to protect your loved ones in case the worst should happen, especially if you count on each other’s income to support your lifestyles. A life insurance policy or a takaful certificate can cover the rent or mortgage, household bills or debts, and even funeral costs.
There’s a lot more paperwork involved compared to when you’re single! But it’s worth it, of course, for financial planning and peace of mind.
Your wedding day is the most important day of your lives together. However, once the ceremony is over and the guests have gone home, it’s time to think about the rest of that life. You should discuss your long-term financial commitments with each other long before you get married. The earlier you get on the same page about your finances, the easier it will be as your relationship progresses.
Ouch! platform provides access to affordable term-life Takaful for young people. And they can be easily purchased online or on the Ouch! Takaful & Insurance app within minutes.
Find out more about Pusara Pro by clicking here or download the Ouch! Takaful & Insurance app from the Google Play Store or Apple App Store today.
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