So, you feel you have met the love of your life, right?
You are ready to tie the knot and settle down, maybe buy a house with a fireplace and a comfortable family car. But have you fully considered what this all means financially for you?
Not just affording a certain lifestyle over the other but weighing the pros against the cons of marrying this particular person in relation to your finances? Have you spoken about budgeting, using debt and spending?
Here are a few things to consider about your partner regarding their financial behaviour:
What Do Their Spending Habits Look Like?
What are your partner’s spending habits? Can you measure up to their habits or do you have to rework your budget?
It is best to sit down as a couple and have a very frank and uncomfortable conversation about financial behaviour. Work through any areas of disagreements and try come with a compromise This should set the tone for the relationship going forward. You will need to work your budget and see where you can cut off some unnecessary expenses and what you can do to minimise such expenses in the future.
Create a household budget where both parties decide who will pay for what. If money is tight, a strict budget needs to be adhered to and reviews each month. If one partner overspends on their expenses, this needs to be discussed and corrected.
How Good Are Their Saving Habits?
Saving is a good thing but there is a fine line between saving and being cheap.
Has your partner managed to toe the line carefully? If your partner has not yet grasped the difference between saving and being “cheap” you will then definitely need to have a conversation about money as this may frustrate the two of you in the long run. If this does not work out, you may need to consider professional help.
You want to live comfortably now but also need to consider your future. Do you have retirements options in place? Have you saved for a rainy day? Do you have an emergency fund? All these questions need to be answered truthfully. If your savings pot is on the low side, create a monthly savings plan to build this over time.
Ask For Help If You Need It
A qualified financial advisor should be able to shed light into your finances and help you in not just making smart financial smart decisions but also help you with budgeting. They can also offer you wise saving tips and smart investment plans which should ease any discomfort you may have.
Having your finances in order is essential because you do not want to find yourselves one day knee-deep in debt and wondering where it all went wrong. After all prevention is better than cure. Debt counsellors can assist over-indebted individuals by reducing their debt repayments. Debt counselling allows consumers to pay one, affordable monthly debt repayment. As you can see, if times get tough, don’t be afraid to ask for help.