Three Financial Discussions Engaged Couples Should Have
Many couples are so focused on planning the wedding that they disregard the opportunity to discuss their finances.
Getting married may be one of the happiest and most significant decisions you will make in your life, and you are no doubt excited about the prospect of sharing your life with your significant other. Coming to an agreement about how to spend your joint income can be challenging initially for those who are accustomed to making these decisions individually. To make post-wedding money management planning easier, you and your fiancee might consider having three conversations about how you will manage personal finances.
1. What Are Your Priorities?
Most people have an idea of what they want to accomplish in their lifetime, and some have broken these goals into short- and long-term initiatives. If couples have competing financial goals, it’s important to reach a compromise to avoid money disputes down the road. Discussing debt, homeownership aspirations, family planning timelines and personal ambitions can highlight each person’s wants, and help couples develop a timeline for accomplishing these aims.
2. How Do You Manage Money?
Each person has their own particular money management style, and finding ways to make sure these styles complement and balance each other is important in making sure each partner is fulfilled. If one individual is a spender and the other is a saver, it may be prudent for them to play around with a budget that satisfies both of their needs. For example, it might be a rule that 10 percent of each paycheck goes toward savings, but another percentage can be used for discretionary purchases. Zions Bank offers various services to help keep track of accounts. With eStatements and eNotices, clients receive an email notification when a statement/notice is ready. There are also mobile apps and a tablet app to keep track of accounts on-the-go.
3. What Are Your Financial Obligations?
It’s important for individuals to know what they’re walking into, so couples should discuss all of their financial obligations, including loans, debt, bills and other responsibilities. This not only helps couples feel more comfortable in speaking about money, but also allows them to develop a workable budget.