MONEY & MARRIAGE: WHAT TO TALK ABOUT BEFORE TYUING THE KNOT?

SPRING IS IN THE AIR!! 

WEDDING SEASON

If you don’t make time to discuss money relationship issues before you’re married, you may unconsciously treat money like your parents did. Developing a relationship toward money as a team can help you break the chains of individual generational money habits so you can set your own course toward financial success.

Before getting married, couples should discuss crucial aspects of their finances including: current income levels, existing debt, spending habits, financial goals, desired approach to budgeting, whether to have joint accounts, plans for saving for retirement, and how to manage an emergency fund; essentially, openly communicating about how you both view money and managing finances together as a married couple.

Below are some of the issues to looking into:

1. Financial planning questions to ask before marriage
2. Creating a financial plan before marriage
• Decide how to pay for the wedding
• Decide if you want a prenup
• Choose between joint or separate accounts
• Consider reducing or consolidating your debts
• Set up a long-term budget
3. Discuss your relationship with money
4. Be honest about your financial situation
• Earnings
• Savings
• Life insurance
• Debt and credit
• Student loans
• Know the financial benefits of marriage

CALL US: 065 927 4580

Morris Msomi - Financial Coach
ww.morrismsomi.co.za