Sharing Your Finances

There comes a day in a lady’s life that they will have to walk down the aisle wearing a white gown to a path of uncertainty but one of great expectations.

As tears flow down her cheek, she will probably be wondering what will happen to her job, saved wealth and financial might.

Her husband to be is loving and caring but does not have the financial discipline that she has.

He is in debt, though she still loves him either way.

Sharing Financial Responsibility

So as to have a happy and successful marriage, the bride to be will have to share financial responsibility with her husband.

Every decision that is made from this point when she says, “I do,” will have to be made as a result of open communication and dialogue.

Both parties will have to sit down and open up about their financial situation and make a way forward.

Otherwise, you will join the list of famous celebrities that married for only 3 days.

So how do you go about this contentious issue of money?

Conduct a Financial Wealth Assessment of Yourself

Before you hear the wedding bells, it is imperative that you conduct a wealth assessment of yourself to know where you stand and what you bring to the marriage.

This will also be easy for you and your partner to plan your shared wealth without any negative energy between you.

Talk About Your Budget And Income

When it comes to money, most newlyweds tend to shoot themselves in the face.

Lost in heat of the moment as they are making babies in the Caribbean, they end up writing their wealth away to the husband.

Six months later, he is gone and she is bankrupt.

I would advise that you talk about your finance and plan a way forward.

Will you help him to pay his debts?

How much money will both of you contribute to your future such as pension and retirement money?

Decide How to Manage Your Finances Together

Marriage works because two people are willing to contribute to its success.

Once married, you will have to have a talk between you and your husband on how you are going to manage your finances.

If your husband is a poor saver, then you can be in charge of saving.

Where the husband has a debt, you can talk about it and see how both of you can collectively reduce the debt ratio.

Define Your Parameters as a Couple

Though the man has traditionally been the provider, this may not be the case especially when he is unemployed.

To solve this problem, have a conversation with him and make it clear that you can provide before he gets his house in order.

It is imperative that he understands that you still regard him as the man of the house and you respect him.

He can deal with long-term investments such as retirement funds and insurance for your health and children while you can deal with day to day bills.

Remember… A marriage will only be successful if both parties are open about money and are not emotionally attached to it.

Both parties should understand their budget constraints and should always live below their means.

Make babies at a controlled rate as they are expensive to maintain.