MARRIAGE AND MONEY

Here are some things you might want to discuss with your partner before getting married or when you are newly wed. 

1.  FINANCIAL SITUATION.  Ask your partner how much credit card balance he/she carries, salary loans, car loans and any loans both of you have.  I know it is awkward but now is the best time to do this to avoid any financial disputes and problems in the near future.

2.  FINANCIAL GOALS.  Upon learning each others financial situation, write down your action plan on how to eliminate and reduce those debts.  Determine what debt you want to prioritize.  You can also discuss about setting up an emergency fund and your financial plans like retirement fund, educational fund, and investment.

3.  LIMIT ON PURCHASES.  You don't really need your partner's permission on every penny you spend.  But you can create a limit that for any items to be purchased, for example above P2,000.00 (US$ 50.00), the partner should be consulted.

4.  FAMILY PLANNING.  This is really important.  You can be a baby factory if you have the financial capacity to raise those kids.  But if you know you can only afford to have 2, then just settle for 2.  Parents want to give the best of everything to their kids, but how can you do this if you can't even feed them 3 times a day? 

5.  JOINT OR SEPARATE ACCOUNT.  You just have to discuss this with your partner whatever is convenient to both of you.  Some partners like to have joint account especially when the other partner doesn't know how to handle money.  Some also prefer to maintain a separate account but made an arrangement on how to pay for family expenses like food, amortization, car payments and many more.

These are only some of the things I think most couple should need to discuss.  Most failed relationships' reason were because of financial disputes and I think it can be avoided by addressing these issues from the beginning of the marriage.

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