7 Signs You're Financially Ready For Marriage
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Love and money go hand in hand in more ways than one. Walking down the aisle can be a dream or a nightmare, depending on whether or not you’re financially ready for marriage. For instance, studies show that nearly two-thirds (63%) of marriages start in debt!
What’s worse is that 48% of couples with over $50,000 in debt cite money as one of the biggest reasons for their arguments. You must be financially ready before you commit to your one and only. That’s why you must know whether you’re financially ready to get married. Here are seven signs to help you be certain!
Why should I be financially ready for marriage?
You must consider what being financially ready for marriage means. Consider this: What does romance have in common with a car, a house, and a baby? The answer is money; all these things require financial care to thrive. While this might not sound romantic, money is a big part of the commitment process. That’s why 38% of divorcees cite financial problems as their main reason.
For instance, think about what married life means to you. Is it sunshine and rainbows and breakfast in bed? It could, but there are lots of other things to consider. Mortgage rates, insurance policies, and emergency funds matter in matrimony. In other words, being financially ready for marriage is vital to enjoying marital bliss.
What signs tell me that I’m financially ready for marriage?
You learn about the stakes by understanding why you must be financially ready for marriage. If you genuinely want to make any relationship work, especially a lifelong partnership, you need money to back it up. Here are seven signs that’ll show whether or not you’re financially ready for marriage!
Sign #1: You have good emergency funds.
Emergency funds again? Yes, again! Anyone who’s read the blogs will know how vital emergency funds are. You keep these extra funds to pay for unexpected problems or expenses. By having these, you’ll be financially ready for marriage and any disasters!
Why it matters:
The worst thing about emergencies and disasters is that they are unplanned. No one can predict the future, especially the worst-case scenarios. Even if you have stats, like the CDC’s report of over 2 million car accidents a year, it won’t guarantee that you are safe. To be financially ready for marriage, you must anticipate various expenses, especially the worst.
How to do it:
Start by diverting a portion of your income to an emergency fund. You can set up a personal account or make a joint one with your partner. To ensure you’re financially ready for marriage, avoid using this account for any reason other than an emergency. That way, whether you need to cover wedding costs or pay for surgery, you can afford it without harming your finances!
Sign #2: You keep track of your expenses.
Being financially ready for marriage isn’t only about good income. It’s also about tracking your expenses. That money has to go somewhere, right? Where and how you spend it can make or break your love life. A promising sign that you’re financially ready for marriage is when you know all your expenses, both personally and professionally.
Why it matters:
Imagine that you win a million dollars. Do you think you’d use that money wisely? Remember that anyone, and I mean ANYONE, can spend a million dollars. However, how you use that money can show whether or not you’re financially ready for marriage.
When you want to be financially ready for marriage, you must prove you can use money wisely. Tracking expenses is a great start. This habit shows you where the money goes, what it’s for, and how much you spend. After all, you can trust someone who handles money responsibly, especially in a relationship.
How to do it:
Thanks to the digital revolution, you can easily download an app or program to help you start tracking expenses. However, you should be proactive to be financially ready for marriage. That means constantly checking your balance and logging all costs. By making it a reflex, you can easily monitor the numbers for daily and weekly expenses.
Sign #3: You openly discuss financial options, like loans and rent.
So far, the signs of being financially ready for marriage have covered how you manage finances. However, they can easily apply to single people and married couples alike. This time, it’s all about communication with the other person. Letting your partner know where you stand on spending habits and payment plans is always critical to a relationship, especially one set for life.
For example, let’s say that you and your partner want to build a house together. That’s when you both get to the topic of budgeting. Your partner wants it to be worth around $400000. You disagree and believe it should be $300000. The key to being financially ready for marriage is how you share your opinion and the reasons why.
Why it matters:
Money talk is a challenging topic to get into. It can even be a dealbreaker for many relationships. However, to prove that you’re financially ready for marriage, you must accept money as a part of the commitment. Being open about financial topics can help you and your partner understand each other. Plus, it allows you both to plan for the future.
How to do it:
Starting small is a great way to get the ball rolling. Being financially ready for marriage means being open to talking about funds and budgets. You can start with simple topics, like grocery shopping or savings. You and your partner learn to communicate about each other’s goals and habits by easing into the subject. It’ll help you both learn to understand each other and cooperate for the financial future.
Sign #4: You can stick to budgets alone and together.
Budgets are a great outline for spending money. They allow you to see where funds go and what they are for. Whether you shop for groceries or baby items, a reasonable budget can guide your plans. However, the true mark of being financially ready for marriage comes when you follow a budget. Whatever limit you set, you have to stick to it.
Why it matters:
According to a Nerdwallet survey, over 80% of Americans admit to overspending. That’s not ideal for building your future, and it’s much worse if you do this during marital life. Being financially ready for marriage means drawing a line for your expenses. If you want to achieve all your goals, like retirement or having a child, you must know when to stop spending.
How to do it:
Overspending usually happens when you make impulse purchases or spend too much on one item. You can change this by planning your budget throughout the year. Start by examining your daily or weekly budget first. Taking these slow steps will help you understand how you are spending too much. Eventually, planning will become a habit that shows you are financially ready for marriage.
Sign #5: You know and understand each other’s spending habits.
Being financially ready for marriage is similar to being emotionally prepared for marriage. In both cases, you should know everything about your future spouse, including their money habits. By learning how they spend and what they spend on, you can predict how your marital life will be and how much it’ll cost.
Why it matters:
Knowing how each person operates allows a married couple to plan accordingly. Some people like to spend frivolously, while others prefer to hold their cash. Knowing who you are with can help you see if you’re financially ready for marriage and married life. Otherwise, you might regret not knowing their spending habits when it’s too late.
How to do it:
Observe your partner and talk with them about money and how they use it. Spending enough time in a relationship will help you see their mindset. Do they buy the first thing that catches their eye? Do they browse and explore all options before making a purchase? Small things like these can help you see if you and your partner are financially ready for marriage!
Sign #6: You’re willing to compromise for your financial goals.
Aside from spending habits, knowing your future spouse’s financial goals is essential. How they plan for the next few years can make a big difference, especially with their money. For instance, renting or owning a home can be financially significant, depending on your relationship.
You must consider compromise to know if you’re financially ready for marriage. You won’t always get your way, and neither will your partner. However, a genuine relationship allows you both to work together and grow. Being financially ready for marriage means knowing what sacrifices to make for your collective future!
Why it matters:
Ultimately, compromise is a necessary part of a healthy and happy relationship. Someone financially ready for marriage knows how to find the middle ground. Disagreements are normal, but they shouldn’t cover every conversation of your married life. Sometimes, you need to let go of your ego for the greater good of the marriage.
How to do it:
Knowing your partner’s financial habits is always a good start. You can use that to create a budget for each other and together. Then, as you map out your financial goals, you can see where the contention is. That’s when you talk it out and see what you are willing to compromise.
Remember that compromise is a two-way street if you want to be financially ready for marriage. You can’t enjoy wedded bliss when you’re the one who sacrifices it all. Conversely, you’re not supposed to make your partner agree to everything you want. The key is to meet in the middle, especially when you value one another.
Sign #7: You trust in your money management skills.
You can study all of the previous tips to see if you fit the criteria. You can review all the suggestions and habits to improve your life. However, being financially ready for marriage means taking responsibility. If you trust your money management skills, you’ll find it easier to handle matrimony. Otherwise, you’re better off rethinking what marriage means.
Why it matters:
Someone financially ready for marriage should be confident in managing their expenses. From expenses to budgeting, this is where you have to take control. Remember, it’s not your partner’s job to make you better or more prosperous; it’s your duty!
Similarly, trusting your future spouse’s money management skills is as important as counting your own. Your beloved should be able to handle things for themselves, too. Being accountable keeps you both responsible and mindful of your money’s purpose. Only then can you two say you’re financially ready for marriage.
How to do it:
If you’re unsure about your money management skills, take time to learn. Different methods and patterns for protecting your finances are available online. Still, it’s ultimately your job to make it work for your life. Once you trust yourself, you can embark on a relationship. And if both sides are mindful of their cash, that’s when you can say you are financially ready for marriage and life together!
Takeaways:
- Being financially ready for marriage is crucial as money matters often lead to relationship stress and divorce.
- Financial preparedness for marriage involves managing mortgage rates, insurance policies, and emergency funds.
- One sign of financial readiness for marriage is having substantial emergency funds, which shield you from unexpected expenses.
- Another sign is being able to track your expenses, showing you understand how to use money wisely.
- Open discussions about financial topics like loans and rent with your partner indicate financial readiness for marriage.
- The ability to stick to personal and joint budgets is a critical sign you’re financially ready for marriage.
- Understanding your partner’s spending habits is vital, enabling better financial planning as a couple.
- A willingness to compromise on financial goals is crucial to a harmonious married life.
- Trusting in your money management skills and your partner’s is the ultimate sign that you’re financially ready for marriage.
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