Tips To Consider Before Merging Finances
By SiliconIndia | Thursday, October 27, 2011
One fine day if things go wrong, money could be the reason for a conflict.
It is always good to talk about your finances and make things clear with your spouse
* Open Discussion
Along with all the other marriage plans, add the finance too in the list. Sit down and talk about each others' financial priorities. Talk about your investments, debts (if any), your earlier financial mistakes and other related plans. It might a little difficult to express as you might consider to keep them private but its always good to get things cleared to avoid issues later on. You might want to travel a lot and use up your savings for it, but your partner would want to invest the same elsewhere. The main purpose of having such a discussion is to prioritize your plans and also know how financially equipped you are.
* Separate Account
A few of us after marriage tend to have joint accounts with partner so that all the money is one place. The only draw here is once you see the low balance, you do not realize where the amount was spent and might later create conflicts between your partner. Its always good to keep things separate; you get to manage your savings separately. Towards the end of the month you can sit back and jot down the expenses and thus plan accordingly.
A few things to look into-
* A joint account for household expenses like rent, utilities, groceries and other miscellaneous expenses.
* A joint account for common goals (vacations,gifts etc.)
* Financial Counselor
For any finance related issues, you can always approach a reputed financial advisor. If you are confused with how to go about merging your finances, seek their advice. Financial counselors will provide you with information and help you organize your finances in the right manner. This will give you a rough idea on planning your next move.
* Clear loans/bills
Now that you know where the money has gone, spend less on your credit. Make an individual plan keeping the credit cards aside. Clear off all the bills and debts before the wedding, as post wedding you would have another set of plans.
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