Marriage is one of the oldest sanctions and traditions known to mankind. And even though it is about love and the joining of two individuals, other areas of life must be taken into consideration as well when entering into marriage. Just like any other personal preferences, people have their own spending habits and ways of managing money.
When it comes to marriage, you have to think of the entity rather than yourself. It’s no longer just about you. Instead you really have another half to think about. So with that being said, money should not be considered yours, it should be thought of it terms of “ours.”
Like any other monetary situation in your life, you should use a budgetary system. Determine how much money you will have and where exactly it should be allocated. This means you will need to discuss spending on luxury items.
Plan ahead. I know it’s early. But it pays to start early when it comes to saving for both your retirement and your children’s education. These are not minor expenses and even saving a little from the start will be of extreme benefit to you in the future.
Communication is necessary in any marriage in order to succeed. When it comes to yours and your spouses’ finances, it is imperative that you keep open communication and discuss purchases and budgeting skills.
Sources:
http://www.nytimes.com/2009/11/07/your-money/household-budgeting/07money.html
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