Getting married is a life-changing decision. It is undoubtedly an important event in a person’s life. The marital journey you embark on is filled with hope, joy and a lot of expectations. To fulfill this dream of happily ever after, a lot of cooperation, coordination and communication is needed. Finances are a sensitive topic when it comes to communicating prior to marriage. Astonishingly also one of the least communicated one. Most marriages fail the test of a smooth sail on account of financial hurdles. That could have been easily avoided if couples made an effort to financially plan. Wondering how to go about discussing the nuances without hitting a nail in the relationship?

Draw a financial roadmap together. A good way to start would be to discuss, analyse and design your financial future with the following essentials in place.

• Financial Position – It is better to be upfront and discuss each other’s financial position. This will avoid any unpleasant surprises later on in your married life. It is natural to have a few loans – housing, education, personal to name a few, that one is yet to re-pay. Both have to discuss if the repayment burden is to be shared or will you repay it on your own. 

• Attitude towards money – Spending and saving habits of each other have to be discussed as each one’s upbringing is different, experiences are different and finally expectations from life are different, a common ground path has to be agreed on to lead a harmonious life.

• Bank Accounts – Deciding on merging the bank accounts and holding onto individual accounts also has to be decided. It is advisable to keep the individual accounts if both are working and have a new joint account. If need be, nominees should also be changed to each other’s name, unless you wish  to add your parents as sole or additional nominees.

• Financial Goals and Risk tolerance – Every individual has some goals and aspirations, these have to be discussed and a pathway charted to achieve them. Risk tolerance depends on loans, commitments of each individual and discussing them before hand provides the base for financial planning.

• Future handling of finances – It’s easier if the decision is taken sensibly based on finance acumen of the partner. Alternatively, expenses and savings can be divided among the partners if both are working.

• Insurance – Buying life insurance and medical insurance is important with each other as nominee. This will save a lot of financial burden later on.

• Building a corpus fund – Start saving early, it has many advantages like, inculcates the habit of saving, planning for the future, milestones to achieve, saving funds for life upgrades and emergencies.

• Retirement fund/Nest Egg – You should start planning for retirement the moment you start setting your wedding date. Together you can achieve the goal sooner and having the same vision makes it easier. You will not only be aware of the  adjustments you need to make to your current lifestyle, together you can even set out to retire early and achieve financial freedom.

 Dave Ramsey has said – “Marriage is a partnership, and couples can’t win with money unless they budget as a team.” Money isn’t the most important thing in a relationship but being financially prepared can avoid a lot of unnecessary hassles later on. Discussing and communicating with each other is the key to any relationship whether it is finance or emotions.