FLASHBACK FRIDAY: THINGS TO DO BEFORE GETTING MARRIED
Planning to tie the knot soon? Today’s Flashback Friday brings you some tips shared by these married couples when it comes to handling their finances.
Discuss sentiments toward money. John and Tine have been married for 25 years. Most of their financial decisions depend on what they feel about money. They took some time off and discovered how they feel about money before they got married.
A person’s character will strongly impact their feelings toward money. In case you have differing views about money, it is advisable to talk over the matter with compassion and deep understanding to resolve the differences and manage finances.
Determine how to spend money wisely. One of the ways to strengthen marriage is to talk over money matters. Danny and Jane, married for 20 years, believes it is important to go through each of their wants and needs and draw a fine line between the two. And it can only be possible by creating a working budget together.
By doing it together, they can negotiate things and plan for financial goals and discretionary spending (more on this later). Not to mention you avoid fighting about spending with your spouse.
Budget for discretionary spending. A well-laid budget plan outlines a particular amount of money to be allocated for different items, including bills, emergency fund, and financial goals. Mark and Anne are into gaming. Hence, it is innate for this married couple to buy the latest games on the market. Even though the couple is relatively new in the marriage department, they set aside mad money for unrestricted spending. It can be used to spend on whatever they want.
If you are experiencing difficulties, the three couples recommend seeking professional help and being honest with your significant other, even before settling down. A financial advisor is not emotionally attached to your finances. They will be able to help you decide if your budget plan is feasible or a specific financial goal like acquiring a property is attainable.
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