Premarital counseling is essential for engaged couples because it allows them to discuss their values and whether there is any agreement or at least the ability to compromise on certain things. One major source of conflict in marriage is finances, and when engaged couples don’t talk about them before marriage, it leads to strife after the wedding. Here are some important financial discussions you should have during premarital counseling.
Attitudes About Money
One thing you should discuss is your attitudes about money, and how your childhood shaped them. Maybe you grew up in a home where your parents mismanaged finances and ended up in a lot of debt while your partner’s parents believed in saving for emergencies and investing for long-term income and retirement. Do you believe in using credit cards and paying them on time? Does your partner not distinguish between wants and needs when shopping?
Career And Income Goals
It’s also a good idea to discuss your career and income goals. What is your current income and that of your partner’s annually? How do the two of you plan to advance at your jobs so that you can improve your finances together? Do you want to own a business and if so, what steps are you going to take for this goal to be accomplished? How would this affect household finances?
Who Will Handle the Bills?
One partner usually does a better job with money management than the other, and if this is the case with you and your fiancée, then you need to discuss who will be responsible for paying the bills and creating the monthly budget.
Your Credit History and Debt
Your past affects your present, and this is true with your finances. You and your partner should talk about your credit history and any debt you still have from previous years. Talk about how you plan to pay down those debts and how you can help each other during the process.
Planning Your Children’s Financial Future
If you are starting a family, you need to discuss how their financial future will be planned for. Will you open a college savings plan for them? How will you provide life insurance or some other kind of inheritance that they can receive upon your death?
In conclusion, these discussions can lay a strong financial foundation before your marriage begins and after the wedding occurs.