FINANCIAL ADVICE FOR THE COUPLE-TO-BE
BY MANAGING DIRECTOR AND SENIOR FINANCIAL PLANNER OF CREATE FINANCIAL SOLUTIONS, LEANNE MCDONALD
Since so many women will be tying the knot over the next few spring and summer months, it’s a great time for me to offer some financial advice.
So what should you know about finances before you get married?
Generally my responses are very similar — if you are getting married there are three rather straightforward points: brides and grooms-to-be need to communicate about finances, consider their financial options and continue to be financially independent.
Communicate: You and your fiancé need to talk openly about finances. Please don’t wait until the last minute to get answers to important questions, and please don’t be shy about the topics you discuss. Think about it this way — would you start a company with a friend if you were unsure about their personal finances or how they handled money? Of course not! Make sure you understand each other’s spending habits, current credit card debt, student loans, future plans, how your accounts will — or won’t — be blended after the wedding and so on.
Consider: As in, consider financial options. For example, years ago, pre-nups (short for prenuptial agreements) were only associated with older, affluent and/or celebrity couples, but that’s simply not the case these days. By using a pre-nup, both the husband-to-be and the wife-to-be can decide certain financial issues in advance. Seek some legal advice about binding financial arrangements.
be financially independent... at least somewhat. Part of the romance of getting married involves sharing your hopes, dreams and life with the person you love. However, for your marriage to be successful, and for you to maintain your own financial security, you must preserve a measure of financial independence.
Start your marriage off on the right foot and remember the three ‘Cs’.