Money Topics to Discuss Before Marriage

Weddings are generally a grand affair in our country, we Desi people surely are fans of big fat weddings and most of us end up spending lifetime savings on the festivities but often the couple-to-be forget to discuss an important aspect of the after-wedding festivities, i.e. married or practical life; Finances. So, if you are looking to get hitched soon and would like some guidance regarding finances, here are four financial topics to discuss before marriage:

Financial Contribution

Every couple has two people with different incomes and the ratio from person A to person B might vary. In some cases, both the partners work and in some, one of the partners does not and might choose to help by dealing with the non-monetary aspects of daily life such as household chores etc. When both the partners are working, the expectation to pool in 50/50 is also not the best idea to go as the partner that is earning more than the other partner is expected to pool in more money. So, before tying the knot, one should always discuss how much their individual contribution would be towards the finances.

Separate Bank Accounts or Joint Bank Account

Another important discussion around finances should be whether you want to keep a joint account as a couple, have separate accounts or both. Having a joint account can give a clearer view of your finances as a couple but having separate accounts can give you the freedom to make small guilt-free purchases as individuals. Keeping a joint account also points towards the couple having a long-term approach. In any case, it is crucial to decide this before marriage.

Household Budget

This topic has a lot to do with preferences as a couple and as individuals as well. Every couple to be should decide on what is important for them and what is not and what could be compromised on. For example, some couples might want to separate some money for travelling from their monthly spending budget and use the savings at the year end. Or some couples might want to spend that money on regularly eating out and having leisurely time. Hence, it is extremely important to decide on what to spend money on and what to not spend money on as a couple.

Shifts in Financial Dynamics Over Time

Ones financial situation can be significantly different in the future than what it currently is. While predicting the future is not possible, there are ways to discuss finances before marriage to set the tone for decisions that might be taken. For instance, if you want children in the future, how may the career and financial priorities change? Will you be saving for your children's education? Will you be taking care of and supporting your parents as well and what measures do you want to take regarding life insurance and disability? These are some really fundamental questions to ask before marring someone.

While some conflict regarding finances is expected, starting a partnership off with these discussions is of utmost importance to start on the same page as a couple, so do not shy away from talking about these topics before marriage!