When you are in love, nothing matters. But you have to be practical in life. And, when you decide to get married, money becomes one of the most important things to talk about. From anything to everything that is reated to money should be out on the table. Keeping things clear real helps in enjoying smooth sailing of the marital boat.
Here are a few money-related issues that you should discuss with your partner before getting married:
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These are two basic necessities for human survival. Now that you will be living together, it is imperative to decide how much you will be pooling for these two commodities. You can jointly pool the money at the beginning of the month, and then spend from that deposit, or you can pay your due every day. Whichever way you like, decide upon it beforehand!
Apart from food and fuel, there will be a lot of day to day expenses that might look petty, but are heavy on pocket. Daily expenses can eat up a big chunk of your income. To avoid all the conflicts related to this, it is crucial to settle who will be taking care of which expenses.
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Will you both be staying in a rental apartment? If your answer is a yes, then it is one of the major expenses, and you really need to talk about it. Since you both will be sharing the house, it is wise enough to divide this expense into half. However, you can make the split in accordance with your incomes as well.
Right from life insurances, health insurances, property insurances, and so on, there are a number of insurances that you might already have. Before you decide to settle down, discuss the ones that you have, and the ones that you are planning to buy after marriage. You need to decide how they will be taken care of.
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Before you get married, you must know about the financial standings of your partner. Your partner might be earning well, but what if there is a lot to be paid off? This can be a deal breaker!
This is an important thing to discuss, especially for young couples as it will affect the contributions of each partner. If you or your partner are already paying a good amount for the ongoing education, mortgages, or anything, then you should be clear about it. It is not that big an issue, but this will definitely limit your contribution.
First, you should discuss the savings that you have so far. Then, deliberate upon how much you will be saving as a couple. Most people refrain from disclosing their savings, but it is good to be open about it with the one who will be your life partner. So, it is important that you discuss about how much you both will save.
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Once you are clear about your savings, express about your financial goals. This includes everything, from how much you desire to have in your account to what you want to do with your savings. If you want to buy something expensive after marriage with your savings, you should discuss it right now.
If you and your partner are thinking about having kids, you must know that you will be spending a lot on their upbringing. Clothing, food, school, health, and so on, everything will require money. Be clear on these factors before you take the plunge. Kids will have an impact on everything that you have decided so far. In such case, your savings, expenses, and income might get altered. You must be very careful whilst deciding on each partner's share in their upbringing.
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It is always better to be clear on the financial front in any kind of relationship as it can become a source of dispute at a later stage. Do not hesitate to talk about it in detail, and let this be the reason to make your relationship sour in future.