Is Financial Talk important before Marriage? This question arises too often in our mind. I know it is not at all interesting but it is really important to think. There are situations when your partner asks you about combining the financial accounts. And your answer should be a clear NO. If you are looking forward for a reason then here comes an explanation. Don’t do it before you are married legally. There are many couples who did so but after their engagement broke they had a very difficult task to sort it out. But sharing the money and talking about it are entirely different things. You need to talk about the strong money relationship before you are married. Here are the reasons why:
1. Personalities related to money
You really need to find out what both of you think about money and deals with it. This is how you are going to create a healthy money relationship. Well, if you are shy or afraid about discussing and communicating the money issues then surely you are going to have a painful future. So, give it a try and find out how you two are different in dealing with money in the time of conflicts.
2. Money owing/Debt
There is no easy way to talk about debt but for the honest relationship you need to. Be frank and let your partner know about it. Discuss how both of you are going to repay it. Understand how this debt is going to affect your future.
When you are saving your money then you need to tell it to your partner. Don’t lie about the figures and also share the reason for your savings. Also, tell her how you got it saved. How much effort did you put? So, she can understand you’re your necessity of doing it and won’t think of spending it so easily.
Letting know your present income will give an idea to your partner about a real picture of now and then. I mean picture of present as well as future. Isn’t it surprising that many of the married couples are still unaware of the exact income their partner earns. Knowing about each other income will help and guide you in making plans for your future. This will also help in preventing fights and misunderstanding due to the money secrets that you keep from your partner.
You should have a good idea of how much do you spend on yourself so both of you can combine the total to see that how much you will spend as a couple. Also, it will be easy for you to compare it with your total income. If your earnings are more than your expenses then it is great but it is the other way round than you know you have to make some plans.