How to Know If You’re Financially Ready For Marriage

posted by on 2021.04.14, under Partnered Post
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There’s much to be excited about when it comes to getting married. It’s the beginning of a beautiful adventure, after all! One that indicates that two people have found the person that they were supposed to spend their life with. However, while it’s the romance of the union that should get the headlines, it’s also important to think about the practical side of things too. Getting married is a big undertaking that will touch many aspects of your life, including your finances. In this blog, well run through some of the key considerations to keep in mind when you’re thinking about getting hitched.

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Post-Marriage Life

It’s not just the big day that you need to think about. You should also think about what life is going to be like in the years after you’ve gotten married. Many of the details will impact your finances in a significant way. For example, if you’re planning to have children. This is not a cheap option! As well as whether you can afford to have kids, you’ll need to think about where you’ll live, what your lifestyle will be, things like that. Doing some calculations can help to determine whether these are expenses that you can afford.

The Big Day

The wedding should be a celebration. While it’s possible to do things on the cheap, since this is one of the most important days of your life, it’s worthwhile pushing the boat out somewhat. But of course, this will impact finances. It’s a good idea to look up some of the key expenses that you and your partner will have to meet. You can take a look at engagement rings at www.whiteflash.com/engagement-rings and take a look at a local bridal store to get a sense of how much you’ll spend on a dress. Those are the essentials, beyond that it’s possible to trim costs — the fewer people you invite, for example, the cheaper the wedding will be. 

Combined Incomes

It’s important to think about how your financial landscape will look after your wedding. While some people continue to keep their finances separate, it’s more common to combine the two. And this will also be impacted by the lifestyle that you’re planning to have. For example, is one person going to work fewer hours, in order to raise the children? If so, then you’ll have to factor in the lost income that this will mean.

Approach to Finances

Finally, it’s worthwhile remembering that the number one cause of arguments in a relationship is money. This is because everyone has a different approach to finances. Some people spend like there’s no tomorrow; others prefer to save every penny possible. There’s no right or wrong way here, but it’s important that both people are on the same page. There are ways to bridge the difference in approach to finances, but only if both people are willing to make compromises. 

If you tick all of the boxes above, then you’ll likely be ready for marriage! 

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