Although sexual health and emotional wellbeing are the building blocks of a solid relationship or marriage, there’s another aspect of wellness that is too-often ignored before couples tie the knot; money. If you’re ready to take the big walk then it’s time to have the finances talk, as talking about your personal financial preferences, credit standings, individual spending habits and joint future goals can help you to identify and avoid major problems down the line.
Firstly, if you can avoid plunging into debt and all of the traps that come with achieving instant gratification and overspending, by all means make sure that you do. The debt trap can stop you from getting the things you really want as a couple, such as getting ready for little bundles of joy and building your retirement nest egg. However, if you or your partner, like many couples, are entering the marriage with personal debt and poor credit, it could inhibit your ability to jointly purchase a home or a car at an affordable price, and must be addressed as early in the relationship as possible.
Committing to your partner for life doesn’t only mean committing to romance, sex and friendship together; building a strong financial profile is another important – albeit less sexy – way to love and cherish your partner. This means keeping debt under control, cutting costs where appropriate, merging expenses with a prospective life partner to get the benefits of “economies of scale,” making all payments in a timely fashion and not overspending. By doing this, not only with you honour each other but you will also establish yourself as a couple ready to build savings, develop a positive mutual credit rating, and seize the world rather than be crushed by it.
When it comes to your big day, bear in mind that you’re planning for a marriage and not just a wedding. While you may have had the perfect event designed in your head since you were 12, that doesn’t mean you should take on suffocating debt to achieve this fantasy. If you’re paying for your wedding, be sensible about the ceremony and reception and splurge on the honeymoon (if you must). Remember, it’s only a day, and you have thousands more after that to live your lives together.