Your Engagement And Your Money
Posted by Jessica Sharpe on Sat, Feb 18, 2012
How does getting engaged change your financial standing? Once you get married, you will share many of your assets and liabilities, so putting your financial house in order is important during your engagement. Here are some things to consider about finances during your engagement.
Review your debts and begin to prioritize which ones need to be paid off first. If you have a lot of student loan debt or other large debts, consider talking with an accountant before the wedding to figure out the best way to tackle your combined debt.- Have a heart-to-heart about spending concerns, whether to have one or more accounts, and who is going to take care of bills.
- Set up a budget and commit to revisiting it every six months or so, or when something major in your life changes -- a layoff, a promotion, or something similar.
- If either of you has a life insurance policy through your employer or purchased privately, now is the time to name your partner as the beneficiary.
- Consider a financial counselor if you feel you can’t agree on any of these topics. This doesn’t mean your engagement is doomed; it just means that the two of you need to learn how to talk about finances in the same language. It can be done; it just might take a little more work than you were planning on.
How do you talk about finances with your partner?
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