Getting married will undoubtedly have financial implications for you and your partner. Whether you decide to combine your funds or not, it is critical to have open and honest conversations about money early on. Here are four financial topics to talk about with your partner:
Discussing income is a fantastic place to start when it comes to financial planning. Discuss the facts and share any expectations you have for future incentives or raises, whether hourly, salary, or commission-based. It is easier to see what you will be working with each month when income from both sides is spelled out.
For some people, disclosing debts can be difficult and even embarrassing. If you have credit card debt, school loans, or mortgage loans in Alabama, don’t hide them from your partner. Instead of simply one of you feeling the load, you and your partner can now collaborate on a plan to eliminate undesired debts.
- Bank Accounts
Whether you opt to consolidate your funds or not, disclosing your bank accounts to each other reduces the space for secrecy. Some couples choose to keep their finances separate but have one joint account for domestic bills and savings, which can be a reasonable compromise if they disagree.
Write down and budget for everything your lifestyle entails. The more specific you are, the better. Don’t forget to budget for savings, emergency costs, and term life insurance in Montgomery, Alabama!