7 Financial Obligations You Should Consider Before Popping The Question
I think about when my wife and I got engaged. It was such an exciting time! However, there are some things that you should take into consideration before you pop the question. There are some financial obligations that you’ll share once you tie the knot. Many of these things get overlooked as you plan your future together. Take off those rose-colored glasses and think about these seven obligations long and hard.
1. Wedding Expenses and Budgeting
The cost of a wedding is often one of the first financial considerations before proposing. Weddings can range from a small, intimate gathering to a lavish affair, but the price tag can add up quickly no matter the scale. The average cost of a wedding in the U.S. is upwards of $30,000, depending on location and guest count. It’s crucial to have a conversation with your partner about what kind of wedding you envision and establish a clear budget before you start making any decisions.
2. Student Loans and Other Debt
One thing I wish my wife and I talked about before getting married was our debt levels. I virtually had no debt (and no credit either). She had student loans and other debts to her name. If either one of you have significant debt, it’s important to talk about it before moving forward with marriage. It will have an impact on your joint finances moving forward. Transparency is key here. You want to have a plan in place for how you will tackle this debt.
3. Joint Bank Accounts and Financial Transparency
While not all couples choose to have joint bank accounts, it’s still important to have a clear understanding of how you’ll manage finances together. Before getting engaged, have a candid conversation about how you’ll handle everyday expenses, savings, and budgeting once you’re married. Will you keep separate accounts, contribute to a shared account, or create a hybrid approach? Discussing financial habits, setting clear goals, and maintaining open communication about your finances are essential to preventing misunderstandings and building financial harmony as a couple.
4. Health Insurance and Medical Expenses
Healthcare is a significant financial obligation that can sometimes be overlooked in the excitement of planning for marriage. If one partner has health insurance through their job, it’s worth exploring the cost of adding the other person to the plan and understanding the implications of any changes. Additionally, it’s important to discuss your healthcare needs, including any existing medical conditions, prescriptions, or long-term treatments.
5. Retirement Savings and Future Planning
While planning for the wedding and honeymoon is exciting, it’s equally important to think about your long-term financial future together. Before getting engaged, have a discussion about each other’s retirement savings and investment plans. Do you both contribute to retirement accounts such as a 401(k) or IRA? Are you on the same page about how much you want to save for the future? Planning for retirement early on ensures that both partners are financially secure in their later years and that you can grow your wealth together over time.
6. Homeownership and Housing Costs
Owning a home is a common financial goal for many couples, but it’s important to address the associated costs before getting engaged. Whether you’re planning to rent or buy, housing will be one of your largest expenses as a couple. If you’re looking to purchase a home together, it’s crucial to talk about your credit scores, how much you can afford to spend, and whether either of you has any existing home-related debt, such as a mortgage from a previous relationship.
7. Estate Planning and Legal Documents
When you’re planning for a life together, it’s essential to think about what will happen if things don’t go according to plan. Estate planning isn’t something most couples want to think about, but it’s an important financial obligation that should be addressed before marriage. Creating a will, establishing a power of attorney, and making decisions about health care directives are all essential parts of planning for the unexpected. In the event of illness, death, or incapacity, having legal documents in place can ensure that both partners’ wishes are respected and can save time, money, and emotional strain later on.
Financial Harmony Is Key to a Successful Marriage
While these financial obligations may seem daunting right now, financial harmony is key to a happy marriage. You want to be financially stable and focus on building a life together. So, before you pop the question, take a deep dive into your finances together. Talk about your goals and make sure you’re on the same page. Your future self will be thankful!
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