preppybride's blog / Uncategorized / Finances, What?

Finances, What?
19 January, 201119 January, 2011 4 comments Post Comments Uncategorized Uncategorized
There are some changes that are going to take place once you get married.  You have probably been used to living on your own and having separate bank accounts so far, but once you are married, you are a joint unit.

There are of course benefits to being married such as joint tax filing and the double income.  However, you now have to think of somebody other than yourself when making financial decisions.

The best thing to do is have a discussion with your fiancee about their financial situation and goals. Here few questions that are good to discuss:

1. Do you have any debt (credit card, student loans, car payments, mortgage, etc.)?  If so, how do you plan to pay off that debt?
3. What are our financial goals for the next few years? Do you plan to buy a house, a car, or plan a vacation any time soon?
4.  How are you going to set up your budget?
5.  How are bills going to be paid?
6. Are you going to have a joint account or keep separate bank accounts or both?
7.  What if one of us decides to go back to school, how will we financially take care of household expenses and tuition?
8. What is the plan if one of us looses a job unexpectedly?
9. What are your career goals?  
10. If you plan to have children, what is the plant for maternity leave, child care, and jobs?  Are one of you staying home to take care of the children or are you paying for day care, a nanny, or will a family member watch the child?
11. If and When you do have children are they going to be going to private school or public school?  If they go to private school, what is the plan to pay for tuition?  Are you paying for your kids college?  If so, what is the plan to save for college?
12. How are you going to plan for retirement?
13. What are you going to do if an emergency happens and one of you are unable to work any more?  (Lets all hope that never happens, but its still good to plan)
14. What if another family member (parent, sibling, etc.) needs care, how will you handle that?

Its sometimes an annoying or tough discussion to have, but its good to strategize, compromise, or plan accordingly so you both are on the same page when facing these situations. 

Comments

  • andy15By andy15 1321 Days Ago
    1 point    
    such a deep thought..........I will follow all your suggestions.
  • andy15By andy15 1324 Days Ago
    1 point    
    ya i agree with you after marriage the two person combine and convert in one financial unit. Great information keep on doing such a great work
  • daniel_smithBy daniel_smith 1441 Days Ago
    2 points    
    Finances become a bone of contention in many marriages. It is better to have a sensible, clear-cut discussion regarding finances before you marry and on an on-going basis thereafter. The discussion should cover-whether everything will go into a common pool, if not what ratio will remain with each of you exclusively and how much will each of you put in joint, who will be in charge of the big-ticket items, what is the preferred method of saving and so on.
  • MelodyChenBy MelodyChen 1711 Days Ago
    1 point    
    Thanks for sharing~~~

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