Now that you're engaged, it's definitely time to start talking about money with your partner. Like it or not, money is a big part of life, wedding planning, and marriage, which means it's oh-so-important to talk about with your future spouse. Having a money talk with your fiancé may not sound fun, but with these tips I hope to help make it as painless as possible!
Get on the same page ASAP.
Money can be a big source of stress but the more open you are to talking about it the better off you'll be. Set aside time to have a financial meeting to outline priorities and set a monthly budget with your fiancé. Having an open line of communication when it comes to finances will help avoid arguments and strain down the line.
Make it Fun.
Use this time as an opportunity to discuss your hopes, dreams and goals for your life together. Make sure to budget for things that will enrich your relationship, like date nights and occasional surprises, as well as the practical things like paying off debt or saving for your first home.
Create a Plan.
Once you've figured out your shared goals, you can make a plan for achieving them. Create a monthly budget action plan for paying down any debts and saving up for those bucket list items you've dreamed about together. Consider creating an automatic savings plan to help you save without stress.
Check in Regularly.
Make a standing monthly date to discuss your financial progress, and use your date night budget to treat yourself! Evaluate what went right, celebrate your rising savings and examine any problem areas where you may have overspent. It's important to be consistent to see how far you've come.
Nothing is better than getting to reap the benefits of your savings with your partner, so be sure to celebrate once you've reached your goals! Paying cash for a fabulous vacation will allow you to enjoy your time together without stress or worry.
Hope these tips help you to get clear on your priorities and goals and set your marriage on the right path for your financial future!
Editor's note: Due to the pandemic, some of the general wedding planning advice we share may not be applicable or possible due to restrictions on events. Please adhere to all current regulations and stay safe and healthy! Get more resources for planning a pandemic wedding here.