Love, Money and Marriage: Pre-Wedding Financial Tips

In this episode:

00:00 – 06:32: Introduction and Current Wedding Trends
06:33 – 10:39: Wedding Budgeting and Negotiating With Vendors
10:40 – 17:01: Handling Finances as a Couple
17:02 – 23:40: Misconceptions of Pre-Marital Agreements
23:41 – 28:48: The Importance of Communication and Regular Check-Ins
28:49 – 32:51: Resolving Conflict and Celebrating Milestones
32:52 – 35:54: Final Financial Tips and Closing

As couples prepare for marriage, having open and honest conversations about their financial future is crucial. In a recent episode of Your Money, Your Mission, host Kelly Mould sat down with Becky McClelland, private banker and Summer Nicpon, marketing segment manager and bride-to-be, to discuss the importance of pre-wedding conversations.

5 Key Takeaways

1. Communicate openly 

Couples should prioritize open and honest communication about their financial goals, spending habits and values. This involves sharing information about their income, expenses, debts and financial goals. By doing so, they can build trust and ensure both partners are on the same page as they begin their life together. Open communication also helps to prevent financial surprises and misunderstandings that can strain a relationship.

2. Create a plan

Creating a plan to manage debt and financial responsibilities together is also crucial. This involves discussing and agreeing on how to handle any debt brought into the marriage, as well as how to manage shared expenses and savings. Couples can decide to combine their finances, keep them separate or use a hybrid approach. Having a clear plan helps to avoid conflicts and ensures that both partners are working towards the same financial objectives.

3. Consider a prenup 

A prenup, also known as a premarital agreement, can help clarify financial responsibilities and protect individual assets. This can be particularly important for couples who are bringing significant debt or assets into the marriage. A prenup can outline how financial decisions will be made, how assets will be divided and how debts will be handled. While it may not feel like a romantic topic, having this conversation can actually strengthen a couple's relationship by ensuring they are on the same page.

4. Establish financial check-ins 

Regular check-ins are essential for adjusting to changing circumstances. By regularly discussing their financial situation and goals, couples can ensure they remain aligned and can correct as needed. This can involve scheduling regular financial meetings, reviewing their budget together and discussing any changes in their financial situation. Regular check-ins help to prevent financial stress and ensure that both partners are working together towards their financial goals.

5. Celebrate small wins 

Finally, celebrating small wins and tackling financial challenges one day at a time can make managing finances less overwhelming. This approach helps couples stay positive and motivated as they work towards their long-term financial goals. By acknowledging and celebrating their progress, couples can build momentum and reinforce healthy financial habits. This can involve setting small, achievable goals, such as paying off a certain amount of debt or building an emergency fund.

By having open and honest conversations about their financial future, couples can build a strong foundation for a successful marriage. For personalized advice, connect with an advisor today.