Finances can be a troubling department for a relationship. Bringing up this topic early in a relationship may not be the best idea, but when you and your partner decide to tie the knot, it is an important factor to consider. When you are married, chances are you will be sharing finances, so before you head down this road, you should get everything out in the open. Here are a few financial topics to bring up before getting married:
Level of debt
Discussing the topic of finances before getting married is important because you don't want to alert your partner that you have crippling debt a few years down the line. The first topic to bring up in this situation is your level of debt. By talking about this topic first, you will be able to understand your current financial situation and craft a game plan to resolve it.
While bringing up your debt, be sure to tell your loved one how you are repaying your debt. If you don't have a steady repayment plan, this may be the time to pick one up.
Credit is one of the most important aspects of your finances and may be the most relevant topic to discuss with your future spouse. Everyone has their own philosophy when it comes to credit, so it is important to understand how your loved one uses their card. Some may only use it for small, daily purchases, while others only use this card for large one-time purchases. Whatever method you or your spouse uses, you should decide on a common ground for using your credit.
Using credit wisely is important because if you open up a joint bank account and you use your shared credit card for everything, this could cause you and your partner's credit score to droop. This can be detrimental to your finances, because a low credit score can result in a high interest rate on mortgages or other types of loans you may need in the future.
To get a better grasp of the state of your finances, you should each access your credit report. This document will allow you to see all of your credit activity from open accounts to any late credit card payments. It can give you a better glimpse into your finances and guide you in fixing your situation.