Whether you’ve been with your partner for a while or you’ve had a whirlwind romance, if you’re considering tying the knot, it’s important that you know where you stand when it comes to your finances.
Now, more than ever, it’s important that you’re both honest about where you are with your money. It’s especially important as the overall economic outlook continues to be unpredictable. The cost-of-living crisis, combined with the general costs that come with family life, means that being a united team can go a long way towards protecting you both in the future.
Here’s a look at the conversations to have about money before you get married.
Income and spending habits
Knowing what your income is and what you spend your money on can be beneficial for working out your household expenses. For instance, are you an impulsive buyer or a saver? Ideally, you can align your spending habits to help balance out your finances overall.
Doing this can also put you in a good position if you’d like to have children one day as you’re both clear on where your money goes and where changes might need to be made in the future.
Outstanding debts
Be upfront if you have any debts that are still being paid off. Debt can be a divisive factor in a relationship if it’s kept hidden. Money worries can lead to poor mental health and this can, in turn, impact your relationship.
By being honest about debts owed and any money worries that are particularly bothering you, you’re in a good place to work things out together.
Financial goals
What are your financial goals? Do you intend to save up for a deposit on a house? Are you planning to buy a new car for you both to share? It’s worth spending time talking about what your aims are and making sure these align. From there, you can look to budget and save up for what you have in mind.
Joint finances
Are you setting up a joint account or keeping your money separate and paying for different things? This is an important conversation to have to ensure the smooth running of your household.
For instance, you might decide to put money into a joint account that’s used for the mortgage and bills. Alternatively, one of you might pay for the rent and the other for the utilities and food shop.
Credit scores
Share your credit score with your partner. This is a key factor in whether you’ll be considered when you apply for a mortgage, so chatting about this early on will give you options.
Whatever setup you opt for as a couple, it’s worth taking the time to discuss this openly before you take the plunge and get married.
