Marriage changes your life. It is inevitable. Including about financial, you will not manage it by yourself anymore, but with your partner. Debby Prazna Okky, S. Mn., RFA, an independent financial planner, did not recommend to bring your financial habit during your single life to the marriage stage. Here are the five reasons.
1. In a marriage, there are more than one individuals with different habits. Both of you should compromise to find an effective financial strategy. When you have a personal expense, each husband and wife should consider if some shared needs have to be prioritized.
2. The needs before marriage are different than after marriage. It tends to increase. For example, when you are still single, most of your expenses are only personal phone credits and transportation. However, when you are married, there are electricity bill and monthly groceries. Those needs indeed take budget both from your partner's and your income.
3. The financial goal is extended when you decided to get married. Moreover, when you plan to have children, the future savings need to be prepared early.
4. When you are married, you and your partner will be using a lof of joint assets rather than personal assets, such as a house, vehicles, and savings. Thus, there should be a budget allocation for maintenance, such as cleaning and care. As for savings, Debby highly recommended having a joint account.
5. Since the needs are increasing, the couple should consider more options for financial income other than the job income. Debby advice couples to have several saving channels and long-term investments, such as deposit, mutual fund, or stocks.
To learn more about financial management that every newlywed needs to know, read the article on this link.
