Finances Before Marriage

Discussing faith, friends and favors is normal for a young couple. Good communication is vital for a healthy growing relationship. One mistake that many couples make is looking over the importance of discussing finances before marriage. Here is the beginning of a check list for what should be discussed and agreed upon concerning finances before you say "I do".

• Budget together! Come up with a general budget for future home and life together. Add up how much you will make. Write up all foreseeable expenses (Loans,housing, car, utilities, clothes, etc.) Discuss how much you would like to go out to eat and what kind of vacations you expect to go on. This should all be included in the budget!HINT: Do not be embarrassed to ask your parents how much things cost as they can also help you think of things to put on the budget that you may not think about.
• Saving and spending Philosophies. What splurges do you anticipate and how far will you go out of your way to save money. What loans do you want to get payed off first. Will you share each others loans? HINT: When you marry someone you marry their debt too! Don't diversify but rather unify in everything both the good and the bad! Share the burdens and the Joys of life, this will make you a stronger couple!
• Who will be the CFO? Agree upon who will be the one to pay the bills, keep the records and balance the checkbook. Who will take care of the taxes? Hint: The both of you should know how to be the CFO but only one of you should do it. This way you minimize your chances of not getting a bill payed due to assuming that they did it.
• Will you have a credit card? Hint: Don't! Get a visa debit card instead! Credit cards are a sure way to help you spend more money then you want to.If you have them now get them payed off at cut them up!!! think I'm nuts...just ask Dave Ramsey!
• Financial Peace University! Go to www.daveramsey.com and learn about the biblical way to use your money. Erik and I went through it and we loved it. It's extremely helpful!

Hint of the day: NEVER ASSUME!!! Assuming that you and your man agree upon any issue,topic or philosophy without talking about it is dangerous as well as foolish!