Do You Know Your Fiancé’s Finances?
26-05-2017Before walking down the aisle, you may want to check your future spouse’s bank statements. We’re not saying you need to hire a private eye to make sure your fiance isn’t spending money like it’s going out of style. However, having a detailed discussion about finances with them is important if you plan to combine your accounts after saying, “I do!” Not sure where to start? Here are some ways you can kick off the conversation: Your childhood experiences with money. The way you experienced money as a kid can certainly affect how you approach money as an adult. Did your parents play a role in educating you about spending and saving? Did you work for an allowance or was it just given to you? This can help your partner understand where you’re coming from and vice versa. Your current money handling. You can easily transition from your childhood experience with money to your current money habits. Talk about any outstanding debt and both of your current credit scores. You’ll want to broach this topic sooner rather than later. Your feelings about money. Discuss how spending money makes you feel. Do you get a thrill when you go on a shopping trip or do you frequently experience buyer’s remorse? Your future financial goals. Finally, you can talk about your goals for both the short and long term. Whether it’s paying off your current debt, saving up for a house, or starting a college fund for your future children, you both want to be on the same page. This way, you can work together to achieve those goals.