Money, money, money. It might not be the prettiest convo you can have with your partner, but it sure is the most important one. Money is either going to be with you after you say I do, or it’s going to create one heck of a problem for you.
Even if you’re not planning for a prenup, you need to still have a brutally honest conversation about your finances before you get married, and here’s how you can do it. Get ready to get on the same page!
Now is the time to fess up to any prior financial obligations you may have. Do you pay child support? Do you financial support a member of your family? Are you six figures in debt due to student loans or credit card debt?
Let your partner know about exactly how you’re spending your money and where it goes.
This is a big one, because after marriage you can expect to be sharing joint accounts, credit cards, a mortgage, or car loans. If your future Mr. or Mrs. has poor credit, that can affect you too, as well as any interest rate you would get on your joint accounts.
Sit down and talk about what your credit scores are, why they are like that, and what you can do to improve them (if you need to).
It’s important to consider future expenses and what it’s going to cost, as well as what you’re both comfortable spending towards those things. Some questions you can ask to cover this one include:
Are you planning on seeking higher education? (This is costly, so that’s an expense you’re going to have to potentially prepare for)
How much do you envision putting aside to pay for our wedding?
Get A Game Plan
What can you or your partner do to pay down any debts you may have as fast as possible? If you have any debt that comes with a high interest payment, you want to make sure you prioritize paying that one down.
This will not only obviously help you and your significant other get out of debt, it’s going to reflect positively on your credit score, which in turn will help you prepare for that mortgage down the line.
Also take a look at what you can do to cut any superfluous spending you have, in order to use that money towards paying down your debts.
Spreadsheets Are Your New Best Friend
And they can help you budget your finances. It’s time for you and your partner to sit down and figure out what your monthly budget is for not only the essentials like toiletries, rent, insurance, etc., but for fun purchases too or things that you might not need like new clothes or dinners out on the town.
It’s also a great time to draw the lines like what do you and your spouse feel you can spend without having to consult the other person?
Figuring out exactly what you can comfortably spend and save every month will put you in a healthy financial position for the present and future.
Bre is a female millennial go getter residing in New York. One part entrepreneur, one part geek, she obtained her degree in Textile/Surface Design from The Fashion Institute of Technology. She has held some exciting roles in both fashion as a designer working for brands like Victoria’s Secret and Henri Bendel, as well as in ad tech working for publishers like Ziff Davis.
Today she operates her own luxury label and is also the Chief Chick at Chipchick.com which reaches millions of women each month. Bre is passionate about keeping women informed of the latest technology trends and products to improve their lifestyle and believes in providing real, useful information and advice to her readers.