{"id":7827,"date":"2016-04-18T10:43:54","date_gmt":"2016-04-18T10:43:54","guid":{"rendered":"http:\/\/www.marriage.com\/advice\/?p=7827"},"modified":"2022-11-06T12:21:47","modified_gmt":"2022-11-06T12:21:47","slug":"pre-marriage-financial-counseling-is-it-worth-it","status":"publish","type":"post","link":"https:\/\/www.marriage.com\/advice\/pre-marriage\/pre-marriage-financial-counseling-is-it-worth-it\/","title":{"rendered":"Pre-Marriage Financial Counseling \u2013 Is It Worth It?"},"content":{"rendered":"\n

\"Pre<\/p>\n

Before you jump into that proverbial land of marital bliss, it is time to have some conversations with your spouse to be about money and pre-marriage financial counseling.<\/span><\/p>\n

When you are dating your loved one, and about to get married, you drift into a world of pure bliss where none of the worries or responsibilities can bug you. You are far from the reality where a financial checklist before marriage or finance harmony is not even on the list.<\/p>\n

But, pre-marriage financial counseling is absolutely a serious matter which doesn’t deserve to be missed before you tie the knot. The #1 reason that marriages end in divorce today is, without a doubt, money problems.<\/span><\/p>\n

Whether it be the lack of communication<\/a> about personal or joint finances, own spending habits, the lack of sufficient income to support the desired lifestyle, or individual financial situations that stem from each person’s life <\/span>before<\/span> their relationship with one another, financial issues<\/a> are the crux of the majority of marital problems.<\/span><\/p>\n

Pre-marriage financial counseling for couples<\/strong> can cover topics such as financial goals, debt, and setting a joint budget, among other issues commonly resulting in financial stress and tension before you happen upon them without warning or preparation. <\/span><\/p>\n

Perhaps even more importantly, pre-marriage financial counseling can guide couples to prepare their premarital questionnaire. This will help them to learn what questions on marital finances to ask. <\/span><\/p>\n

Couples’ financial counseling and premarital financial planning can help both partners learn <\/span>how<\/span> to ask the sometimes uncomfortable questions about current and past financial habits<\/a> and issues.<\/span><\/p>\n

<\/span>Premarital questions on financial matters<\/span><\/h2>\n

\"Premarital<\/p>\n

Here are discussed some of the questions to ask during financial premarital counseling that can help you in your marriage financial planning.<\/p>\n

By referring to these questions discussed below, you will also understand the importance of pre-marriage financial counseling if you have the lingering query- Is financial premarriage counseling worth it.<\/p>\n

So, here is the financial pre-marriage counseling checklist<\/strong> to make your job easy and organized.<\/p>\n

<\/span>1. Combine or separate?<\/span><\/h2>\n

Whether you go for pre-marriage financial counseling or not, there is no right or wrong answer here. <\/span><\/p>\n

Some couples maintain separate bank accounts, have designated certain expenses that each are responsible for, and pretty much operate under the mantra “what he\/she does with his\/her money is his\/her own business.” <\/span><\/p>\n

Others prefer to function with joint accounts with one or both partners overseeing all financial obligations.<\/span><\/p>\n

<\/span>2. Short term and long term financial goals?<\/span><\/h2>\n

As you prepare to start your life together, you will need to establish your priorities as a couple, as opposed to as individuals. Your monthly budget is a way of discovering what is most important to you.<\/p>\n

Are you willing to cut back on dining out so that you can afford to stay at the on-site resort during your next vacation?<\/p>\n

Or are you perfectly happy staying at the budget-friendly motel off-site so that you can have your weekly dinner date at your favorite pricey restaurant?<\/p>\n

What’s the bigger priority – ensuring your budget includes weekly shopping trips for the newest clothes and gadgets, or saving up for your first home, paying your cell phone bills, and have hot water?<\/p>\n

What about those longer-term goals, such as paying for your future children’s needs and wants (preschool tuition, new bikes, clothes to cover their ever-growing bodies), the cost of higher education, etcetera?<\/p>\n

Do you plan on paying their way 100%, just covering tuition, or making them earn their way through college with scholarships and jobs?<\/p>\n

Recommended<\/strong> – Pre Marriage Course<\/a><\/p>\n

<\/span>3. What are you going to talk about in your budget?<\/span><\/h2>\n

Just because one or both of you have taken on the responsibility of handling financial matters within your relationship, you still need to get together and talk about managing finances<\/a>.<\/p>\n

It doesn’t need to be a 3-hour long professional-level budget meeting (we all know that would never be sustainable!).<\/p>\n

However, a quick update or touch-base with each other on how you are doing with sticking to your monthly budget, any significant progress or roadblocks with relation to your short & long-term goals, etc. will go a long way towards solidifying your financial relationship<\/a> and situation.<\/p>\n

<\/span>4. What are your savings plans?<\/span><\/h2>\n

\"What<\/p>\n

While many new couples today don’t believe that having a savings plan is necessary, especially with many living from paycheck to paycheck as it already is when just starting, savings is a crucial part of managing your marriage and finance<\/a>.<\/p>\n

Nobody is invincible, and if you think that you or your significant other have an entirely secure job and that nothing could happen, think again. There is a very good chance that one or both of you will be impacted by job loss at some point in your careers at least once.<\/p>\n

It’s essential to have about 3-6 months of savings tucked away for when the inevitable occurs.<\/p>\n

Budget it into your monthly budget<\/a>, and take that money out first, before anything else, so that you do not cave to the urge to spend it with the mindset of “oh we will just add a little extra in next month.”<\/p>\n

That seldom happens, and when you need the savings the most, both you and your partner will be delighted you planned wisely.<\/p>\n

Remember, you are in for the biggest year of changes in your life (well, until you have kids – that is a whole other story!). <\/span>You and your partner are two very unique individuals who will be navigating life as a couple. <\/span><\/p>\n

Both, with different cleaning habits, sleeping habits, food preferences, familial relationships, and personal hygiene habits could and often do drive each other nuts during that first year. <\/span><\/p>\n

Discussing finances <\/span>before<\/span> you walk down the aisle removes one more of those fun “surprises” you’re about to encounter. <\/span><\/p>\n

So, it is therefore not a bad idea to go for pre-marriage financial counseling<\/a> sessions much before you begin your actual wedding preps.<\/p>\n

Watch this video:<\/p>\n