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Personal Finance

Avoiding Matrimonial Financial Pitfalls

Getting Married And Starting A Family Is A Beautiful Thing But Understanding The Financial Road Networks Is Also Very Import

Money
Image Source: Expertbeacon | Worried Couple Sitting In The Living-Room Af Calculating Bills

Getting married is a wonderful thing, beyond that lay sometimes a deep matrimonial monster caused by lack of financial understating. If intending spouses or newly wedded couple fail to iron out their financial future together, they might sooner than they thought watch their fairytale romance plunge into a nightmare.

This doesn’t mean that couples have to be trained financial expert to have a happy marital life but successful marriages are anchored on honesty and openness which entails regular communication about personal and household finances. This form of open communication give room for inclusive planning, proper budgeting, and an opportunity learn from each other’s mistake.

The ropes you need learn how to climb.

Debt

Full financial disclosure will go a long way. From mortgage, auto loan to business debts, most people walk down the aisle with baggage. And if one partner is debt free and the other if coming into the union full of debt, failure to disclose this from the get go might lead to disaster later.

Habit

This shouldn’t be ignored, for a healthy marital union, studying and understanding your partner’s financial habits, before and after the wedding ceremony is very important. It is true that opposites attract, but when one partner is a spender and the other is a saver, this usually result to financial conflicts as one party might start viewing the other as a drain on the family’s resources.

Employment

Employment status before marriage and expected situation after marriage is to be discussed. Will both couple stay in employment? If no, will the unemployed party be entitled to any sort of allowance?  Financial decisions might rest on the shoulders of the person that is working but this doesn’t mean that they should exclude the other party as cooperation is very important.

Children

Children come with lots of financial commitment. Therefore it is important to discuss, are we having children? How many? Are we starting a family immediately? Can our finances at this time carter for family expansion? All these are more needs to be answered because private schools don’t come cheap these days. You need to know what plans you have as couple before embarking on that stride.

Extended family

Here in Africa, we love and respect our extended family members. Grandparents, uncles, aunties, cousins, nephews, nieces, they all are very important part of our lives. And this comes with financial obligations.  So how far involved can you get with extended families of both parties? This is very important. Who gets what? How regular can they get it?

Getting married and starting a family is a beautiful thing but understanding the financial road networks is also very import.

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Staff Reporter & Producer | A Quintessential Program Producer/Journalist, A Free Spirited Nigerian With Love For Creativity. I'll Like To Describe Myself As Reserve But With A Curious Mind
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