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Valentine’s Day 2025: Why honest money conversations are key before marriage—5 reasons
This Valentine's Day, prospective brides and grooms planning to tie the knot should not hesitate before discussing long term financial goals and aspirations. Honest money conversations are essential to set the tone for a healthy long-term relationship.
This Valentine's Day, prospective brides and grooms planning to tie the knot should not hesitate before discussing long term financial goals and aspirations. Honest money conversations are essential to set the tone for a healthy long-term relationship.
Money fights, lack of clarity on long term goals and aspirations are the biggest reasons for marital discord, but few couples have conversations about money before marriage.
In this particular case it is always prudent to remember that a marriage is also a union of financial futures of the individuals tying the knot. Focus areas in such discussions can be related to: child education, yearly expenditure, annual trip planning (if any), health insurance etc., all such points are required to be kept in mind.
A proper discussion on the issue always goes a long way in setting priorities right and providing individuals with an opportunity to align and live in coordination with their partners better.
Therefore, if in doubt it is always better to speak to trained professionals. Prominent institutions like SEBI have registered investment advisers, hence help can be taken from them as well if you lack clarity on future financial goals.
Here's why it is important to have money conversations before marriage:
- Get your values in line: Understand one another's money values. Does one partner believe in saving while the other believes in spending on experiences? Getting your values aligned carefully after clear communication avoids future conflicts.
- Establish shared goals: Defining short-term (emergency savings), medium-term (homebuying), and long-term (retirement) financial goals together. This establishes teamwork and fiscal responsibility.
- Create a joint budget: Create a shared financial plan with income, spending, and saving. Regularly reviewing it helps it keep pace with your changing priorities.
- Plan for the unexpected expenses: Set up an emergency fund and discuss different types of insurance needs like life insurance, health insurance, term insurance etc., to protect against financial losses.
- Be transparent and open in communication: Allow each other to use financial details. Share joint accounts and open nominations on investments.
Therefore, by openly discussing money, couples can avoid pitfalls and build a relationship of trust and shared purpose. It is crucial to remember, marriage is as much a financial partnership as it is an emotional one. Discussing money early on sets the stage for a trustworthy, secure and joyful future together.
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Business NewsMoneyPersonal FinanceValentine’s Day 2025: Why honest money conversations are key before marriage—5 reasons
First Published:14 Feb 2025, 01:39 PM IST
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