Preparing financially for life after the wedding is very important. Without this starting place firmly established our relationship will suffer and stress will drown the beauty of life together.
Transparency
Money has the ability to bring a great deal of shame and fear. Hiding our money mistakes is tempting but to live a life of freedom we must be transparent. Don’t start new lives in shame and fear but instead turn to one another with mistakes.
Where does your partner give money?
Where we give says a lot about what is important to us. Share with your spouse which charities you support and find out which ones are important to them. Your similarities and differences may surprise you.
What is your partner’s credit rating?
A credit rating is a money story. It examines our management of debt. While many couples discuss student loans and credit cards, the credit rating itself can be a beautiful conversation opener. This prevents uncomfortable surprises later on in the relationship.
Spend time Alone
In the early days of marriage, spend time alone together. Allow yourselves time to be shut off from the world and to learn about one another. In this way finances can be an extension of a relationship, not an area of disagreement.
Who is the spender and who is the saver?
The saying “Opposites attract,” can never be more true than in finances. Often, but not always, marriages are composed of a spender and a saver. These opposing personalities can create tension or miscommunication and it is important to understand the value of each role. Spenders and savers need one another to be balanced financially.
Who wants a date?
One of the most effective tools for communication between any couple is a weekly date night. This financial date allows for clear and concise communication about finances and the things which are most important to you. It tracks spending without inhibiting it. Establishing this habit will ensure continued communication.
Plan Ahead
Marriage, in many ways, is a new beginning. A time for fresh starts and because of this, a certain amount of planning is wise. Will you have children? Do you want to buy a house? Do you already have children who must be supported through their education etc.? All of these questions require financial planning to match.
One income or two?
A great exercise is to practice living on one income. Instead of using both incomes for living expenses, chose one income to chase your dreams. Whether it is travel, kids, a house or paying down debt, dreams become achievable when one income is devoted to them.
One bank account or two?
Society says two bank accounts is best. Yet, the Bible very clearly tells us “the two shall become one flesh.” While two separate bank accounts may be ‘safer’ it does not inspire the transparency needed in a marriage. One bank account allows the mine-his argument to disappear.
Marriage is an exciting journey and planning, time together and transparency allow finances to be stress-free. So sit down with your spouse, or fiancé, and discuss some of these important questions. Don’t wait until financial burdens weigh down the marriage, instead plan ahead and ensure honesty is the foundation of the relationship.