Are You Financially Ready for Marriage? Let’s Find Out!

Let’s face it. Getting married doesn’t necessarily guarantee happiness forever. And to stay happy, love alone is not enough; money also matters.

Marriage is a tough mix, and when you throw finances into the mix, you can expect quite a turmoil in your married life. Studies cite money as one of the biggest reasons couples break up.

Do you think you are ready to take the next crucial step? You may think you are financially sorted to get married because you have saved up or taken a marriage loan from online platforms like MoneyTap to cover your wedding expenses. Sorry to burst your bubble but being financially ready to cover the expenses of a wedding is completely different from being financially ready to get married.

This article is all about the questions you need to ask yourself and your partner to assess whether you are ready to meet the financial commitments that await you at the end of the aisle.

1. What’s your attitude towards money?

Being self-aware of your attitude towards money will help in sorting out different approaches to handling money in relationships easier. So, for the health of your relationship, it is important to understand your money attitude before you understand your partner’s.

Ask yourself these questions:

• What emotions do you go through when you think about money?
• Do you tend to save or spend?
• Do you take risks or does risk make you nervous?

2. What’s your partner’s attitude towards money?

Your partner’s attitude towards money may be completely different from yours. But that’s alright! You should know the differences because they may later turn up as potential issues.

Before saying “I do,” make sure you understand this:

• How your partner feels and thinks about money?
• Does your partner save or spend?
• What financial benefits and drawbacks does your partner bring to the relationship?

3. What financial numbers is your partner bringing into the marriage?

Money talks may be the most unromantic conversation you may have with your partner, but it’s absolutely essential. Why? Because your partner’s numbers can actually change some of your numbers as soon as you marry.

Numbers you need to know of your partner:

Income and Expenses

• What’s your partner’s income?
• How much is the spending?
• How much is left in the account at the end of the month? A positive balance or a negative balance?

Credit Health

• Does your partner know what’s on their credit report?
• What’s the credit score and how it can impact your financial standing as a couple?

Debt

• How much debt does your partner have?
• What type of debt is it? Credit card, student loan, personal loan, etc.?
• Is your partner planning to take on marriage loan to enjoy the benefits of financing the wedding with a personal loan?
• How your partner is paying the debt? Just paying the minimums or has a debt payoff plan?

4. What’s your financial plan after marriage?

You may have gone through various budget planning hacks and plans with your partner. But, that’s not enough. Things change after marriage. Names need to be changed on important documents and accounts need to be combined. They may seem like small things to do now, but they can unexpectedly turn into big issues later.

Before you say, “I do”, discuss these questions with your partner:

• Will you have joint accounts? Or will you keep your finances separate?
• Will you pay bills together? Or will you share the responsibilities?
• Will you create a budget together?
• Will you require the other partner’s approval for purchases over a certain amount?

Knowing the “how” of finances will definitely make the financial transition into your married life much easier and much less emotional.

Having said that, there will be uncomfortable moments with some fights thrown in. But the fact remains, it is normal for these things to come up. But, what happens after they come up decides your level of financial maturity and the understanding you both share.

Author Bio:

Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India's first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life's mission to help and educate people on various financial topics, so email him your questions at shiv@moneytap.com.