If we go along with the popular saying that “Money is the root of all evil”, then we will understand that it is important to work towards eliminating this evil. Money remains a hot topic when it comes to relationships; no matter how healthy your relationship might seem, financial disagreements tend to pop up.

Therefore, it is important to build a strong financial front together to have an unshakable foundation. Here are tips on how to plan your finances before and after saying I do:

Communication

You have to be extremely comfortable discussing everything that has to do with finances with your partner. You have to be open and transparent; let him/her know about your income, assets, and liabilities to ensure proper planning. You should discuss financial goals to prevent conflict before and during the marriage. 

A Mixture of Accounts

It is good to have a joint account and still maintain separate accounts. You can decide to put in a certain percentage of your income into the joint account and also have some personal savings in your separate accounts. The joint account can be used to fund things like home maintenace and utility bills. 

Division of Labour

Both partners must get involved in the financial contribution towards the home. One partner may be in charge of rent and car repairs, while the other partner can be in charge of food shopping. Alternatively, you can both decide to do everything together as it is all hinged on planning. Essentially, the couple is in charge of keeping their future home financially strong. 

Set Priorities

It is important to set priorities as a couple. We all have personal needs but spending changes when you start to look after a family. You should think twice when something looks appealing to buy. Learn to curb unnecessary spending habits.

Track It All

Keep track of how much you spend. This can be done by having a budget and staying true to it.

Zero Debts

If you think that your partner’s debt is none of your business, then you have thought wrong. You have to help each other out of personal debts and work towards sorting them out before getting married. It would be very unfair if you go into a marriage with debt that your partner knows nothing about. 

Meet, Review, and Revaluate

It is important to always have periodic financial reviews; do not judge your partner for any shortcomings during this exercise. If this route does not work out, then consider getting a financial planner to help you.  

Good luck in reaching financial equilibrium before saying I do!