Finding a lifetime partner who you believe you want to spend the rest of your life with can be a challenge sometimes. And most of the time, it usually is. If you aren’t too careful, you may end up with the wrong partner altogether. People will tell you that you have to meet up with a few wrong partners before you find the right one. And for the most part, there could be some truth to this logic.
But what happens after you have found your life partner? What next? Your life should take a turn for the most part. Where you will now have to do things jointly even if you were used to going about everything alone. And other challenges may crop in at this time too.
Basic money management has been known to be a big issue among couples for a long time. And can sometimes even be a deal breaker when it comes to marriage. Which is the reason why you need to be very careful when making any financial decision with or without your partner. For that, we have compiled a short list of some financial money management moves that you can make before you finally say ‘I do.’
1. Take a financial wellness assessment
The main purpose of this test is to check where you stand financially. And the financial wellness test can help with that by assessing things like your current financial situation, a review of your recent expenses, net worth statement, etc. And from that, you can compare it with that of your partner and see whether the two of you are financially compatible. You should also check your debt to income ratio, savings ratio, and your thought to emergency savings as well.
2. Make a debt reduction plan
This is an important step in any relationship that’s looking to take steps towards getting married. It’s not necessarily a must that you clear all your www.lendgreen.com loan balances or credit cards before you get married. But at least have a talk about it with your partner and work a way towards paying your off. Being open about your financial situation with your partner before marriage is important especially if you have a lot of debt. You can create a debt reduction plan to help reduce on the debt with your partner.
3. Be open about your financial situation
Studies have also found that many people find it very difficult to share their financial situations, especially the bad ones, with their partners. But what they don’t know is that openness and communication go a long way in a relationship especially when it comes to financial matters. Look at each other’s credit reports, know each other’s financial status and work with what both of you have.
4. Make money talks that aren’t judgmental or boring
You can, from time to time, schedule money talks with your partner to discuss and assess your financial situations. This is probably the best way of knowing if the two of you are financially compatible or whether your partner may indeed be your greatest financial enemy in the making.
5. Plan how to manage your financial lives as a couple
It is no longer a one-person thing but two. You are planning to marry your partner. Means that you will have to share your financial situations with each other. Plan things together, holiday trips, vacations, shopping, bills, etc. You will have to know where both of you stand especially when it comes to finances.