Pre-marital financial planning: Things to consider

When it comes to wedding planning, everyone wishes to make it very special. However, to make it overwhelming can also prove to be an expensive affair. Having said that, in our country, parents are still the ones, who bear the financial expenses of their child’s wedding, considering it as one of their responsibilities towards their child. So, for many couples, it is not a burden though. However, there are certain things about finances that they should discuss as a couple before tying the knot.

Who will pay?
As an independent individual, you are able to make financial decisions that only impact you. However, after you are married, you need to take decisions together and for both of you. So, it is better to discuss these things with your partner before getting married. This would help both of you to manage your finances with ease and without any conflict. Knowing each other’s financial responsibilities often leads towards peaceful married life.

Debt
Debt is something which you should openly share and discuss with your partner way before your marriage. This will help your partner to understand your overall financial situation and mange it together, if the need be. Being clear on financial terms with your partner before tying knot is very important to avoid any clashes in future.

Budgeting
Budgeting is one of the common things that a couple must do post marriage. However, it is better to mutually discuss how you both wish to spend and lead your life. Budgeting before marriage often helps you to avoid getting into financial blunders after marriage. Say for instance, if proper budgeting is not done then you might pick up that exotic honeymoon package even without thinking how it is going to burn a hole in your pocket. But, with a financial budget at hand, you will know which destination to pick without compromising on other expenses. Budgeting in your pre-marital stage also helps you to avoid reliance on any unwanted debt.