Three tips for reviewing finances before proposing
Did the know December is the most popular month for engagements? The lights are twinkling, families are gathering together and love birds are popping the question. According to wedding experts at The Knot, 16 percent of marriage proposals happen in December.
Before you make one of the biggest decisions of your life, we recommend taking a look at your financial position. Money is one of the leading causes of stress in a marriage, and knowing if you are ready to start a life with another person could help eliminate unneeded worries.
Here are three tips to determine your financial readiness for marriage:
Talk finances. Although not the most romantic subject, it’s one of the most important conversations to have with your significant other. Topics include salaries, debt, credit scores, retirement plans, goals for purchasing homes and cars and plans for funding children’s education. Get to know your partner’s spending and saving mindset. How important is keeping a budget? Are they a penny-pincher or prone to make impulse purchases?
Review your career path. A stable job and source of income will go a long way toward determining your financial health in marriage. Although employment can be unpredictable, consider your career path and goals. Remember, marriage brings another person into the equation and your future spouse should be included in your career outlook.
Assess your debt. It’s best if you can pay off or significantly reduce your college or credit card debts before popping the question. If you can’t, make sure you have a plan for making payments. Also, talk realistically with your partner about financial sacrifices you will have to make during that time. It could mean finding low-cost date ideas or scaling back your purchases and vacations.
There will be more big financial questions to ask during your engagement and marriage. Start with this checklist if you are on the verge of purchasing a shiny ring or have the box in your pocket. These tips could ensure a lifetime of happiness, both personal and financial!