How to Plan Finances with Your Partner Before Marriage

To plan finances with your partner, understand their backgrounds, ask your partner about obligations, and take time out for monthly meetings.


Marriage is all about the commitment between two people, and this needs to be in all respects - finances are no exception. Financial infidelity is one of the significant factors for arguments and rifts in a relationship. If you do not want your marriage to go through an ordeal, make sure that you have set financial goals with your partner before the wedding. It is tough to be on the same page when it comes to financial management. Problems arise when your opinions clash.

For instance, you are a spendthrift, and your partner is frugal. This can be a solid reason for the altercation between you. Therefore, it is better to set financial goals beforehand. Setting financial direction in advance will reduce the chances of a wrangle between you and your partner. According to studies, around half of the marriages end because of finances. Most people hesitate to discuss money before the wedding because it does not seem to be sensible to discuss such a crucial subject so early.

However, studies have revealed that people are so afraid of money-related discussions that they fail to set financial goals even after marriage, and it is too late before they realise they should set them off. It is undoubtedly hard to discuss finances with your partner before marriage, but it is the right time. Here is how you can start this conversation with your partner without discomfort.

Understand your partner’s financial backgrounds

It is paramount to understand the background from where your partner has come. Having an insight into their financial background will help you know about the lifestyle they will likely live after walking down the aisle. You probably despise the idea of borrowing money from friends or family while your partner likes it.

You may have a principle not to borrow money to fund your regular expenses, but your partner is likely to go against the grain. It is not surprising that both of you have different opinions when it comes to money. You will have to put little effort into getting your partner on the track.

Ask your partner about their obligations

Before you tie the knot, make sure that you have asked your partner about their obligations. When it comes to uncovering debt obligations, many people avoid being candid. Make sure that your partner discloses all obligations. This accurate picture will help you know how much your partner owes and how likely it will impact your finances.

A good rule of thumb says that you should settle your debts from your income only taken on before marriage. Sit with your partner and discuss the repayment plan. For instance, if they have loans for bad credit no guarantor no fees instant decision, credit card bills, and some other small loans, they should have enough income to pay them off. If income is falling short of it, you can suggest repayment of high-interest debt first. If the situation is grave, you can contribute to the repayment plan to help your partner get rid of debt quickly.

Take time out for monthly money meetings

Since your way of living life and financial goals and habits are different, it is essential to push yourself to be on the same page. There is no point in discussing money if you do not want to align with your partner's goals. Monthly money meetings are an excellent way to be on the same page. It will enable you and your partner to review the budget. A monthly review will ensure that you are effectively meeting the spending challenge to improve your financial habits.

These habits will help you even after your marriage. Your understanding of finances will improve. However, make sure that you use the right tone and phrases while discussing money-related concerns. For instance, if your partner has spent beyond the set budget out of prodigal nature, you do not need to yell and criticise using words like "Why cannot you…," "Why do not you understand …," "Why do you always take on debt?" etc. Try to be ceremonious while having a monetary conversation. Ensure that you do not use any insulting or abusive language because it will turn to a squabble. 

If you want financial peace in your marriage, you need to align with your partner's financial goals. If you are not on the same page, you will likely have arguments. However, it does not mean that you will never need to take out a loan in financial emergencies. If so, try to use easy cheap financial products.