Financial steps you must know before getting into a marriage

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It is undoubtedly true that the poor state of the Nigerian economy has caused countless hardships for many families, especially for those whose means of support have been badly impacted by either job losses or failing companies.

Regardless of social class, the ongoing hyperinflationary trend and the Naira’s unceasing decline in value have continued to have a negative multiplier effect on the cost of commodities, making it difficult for many people to survive.

Financial discipline, planning, prudence, and giving up bad financial habits that prevent you from having a proper grasp of your finances and home—especially if you are the breadwinner—are necessary for surviving the current economy.

It can be challenging for anyone to have an open discussion about personal money, but it can be especially challenging for a couple planning a wedding.

Most newlyweds immediately understand that their financial fates are intertwined with one another. Financial experts assert that, like everything else in life, communication and striking a healthy balance are the keys to success.

Talk about what’s important and what is expected. It’s critical to understand your partner’s financial perspectives before getting married.

Ask your partner how their parents and grandparents managed money to gain insight into their financial upbringing and thinking. Discuss your priorities and expectations for the future after that.

Discuss financial objectives and savings

Because the husband and his wife have no financial planning for the future, many marriages end as a result of this financial error. When children arrive, their obligations expand and their meagre financial resources tend to decrease, making it difficult for them to survive. In addition to your own savings, it makes sense for your family to save money by allocating a particular amount each month.

Find out what your partner’s financial status is at the moment. Have a thorough awareness of the other person’s income, total assets, level of debt, and debt-paying mentality.

Recognize that your future partner probably won’t share your risk tolerance

Because of this, it’s crucial for couples to meet with their financial advisor once a year so that they can discuss their goals and objectives in greater detail as well as offer the less involved spouse an overview of what has happened over the previous year.

It’s crucial to determine each other’s risk tolerance before combining any investment accounts.

Discuss openly how each individual would respond to market pullbacks during typical market volatility, which might result in a brokerage account losing thousands of dollars. It will be challenging to combine investing methods if one spouse is really aggressive and the other is conservative since the more conservative spouse would worry about any losses and the more aggressive one will become frustrated about not making returns.

Keeping different bank accounts is acceptable

Couples are getting married later in life, and it can be difficult to relinquish control after managing your own funds for some time. Separate accounts are acceptable as long as nothing is kept secret, though.

Instead, for everything pertaining to the home, such as rent or mortgage payments, both couples should directly deposit a predetermined sum into a joint account – either an equal amount or a percentage depending on their separate salaries if one earns much more.

[Nairametrics]

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