I doubt. A guidebook for managing your wedding better can help you as much. However, a booklet to manage finances together can really help after your wedding functions are over.
In our experience/ observation, couples in our country do not openly talk money matters. They need to make straight conversations. However, eventually couples should take this up clearly. Irrespective of the length of the courtship, its relevant to understand the importance of mutual financial goals. If you’ve previously spilt finances, it’s time to reconcile your financial expectations together. Financial speaking, just talk out for a smooth ride in life.
- Set financial roles
Every individual shares the right to know the financial commitments of his/her partner. Think clearly about each other’s career, with specific tasks to be done. Discuss at length what each one is doing the best, and what needs to be done in the near future.
A combined budget can be lifesaver for all. Both will have their own spending and saving habits, however the key is to sort them in a mutually exclusive way. A clear direction for a financially independent future is a must. A few couples may like to have separate accounts to avoid confusion, going ahead. The idea is to have a clear cut financial way objective with full trust and transparency.
- Discuss Finances Together
Clearly pen down the strengths and weaknesses of each other’s character. Assign independent financial roles for clearly defined tasks. Include your recreational activities as well in the list of financial tasks. There are lots of resources out there to help you get on the same financial page. Start to spare time for excessive book reading, and educate on better financial management. Make an interesting mix of choice between Bank Accounts, Credit Cards & Existing Investments. The plan you create must be a carefully budgeted one so that it’s easier to stick by. Avoid the idea of debt so that a larger amount is self-financed. Always!
- Choose a long term savings goal-
We’ve talked about financial goals, and discussed finances, now it’s time to focus on doing something fun. After having a long list in check, lets plan a long term savings goal. Enough of paying up bills month after month. Take your pick of long overdue plan to London or Texas! Do not let your monthly expenses come in the way for fun activities. Not all plans have to be exorbitant, its depends on how you plan. Do not let your savings go down right in vain, focus on a joint goal. An emergency fund from the beginning can be your source of ‘last resort’ funds. This will form your retirement savings fund too.
- Get life insurance
After you’re married and settling down, its intelligent to think about your safe financial future. You’ve had a solid partnership now and this is inclusive of a financial pact. The financial goals must be set out in a way that if one of the partners were to die, the other one takes up financial obligations for good.
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