26 August 2022

Happy Marriage, Happy Money

“Marriage is a partnership, and couples can’t win with money unless they budget as a team.” – Dave Ramsey    

Happy marriage, happy money, financial wellbeing | Wealth Management, Assets, Debts, Insurances

Let’s talk money.

At LegacyScore we believe in financial wellbeing and trust. Therefore, we have created a checklist designed to help you and your partner financially plan your future together. 

  • Take time to talk about your finances

A lack of knowledge about money can be risky for couples before marriage; past mistakes can affect your future together. Know each other’s financial situation before you walk down the aisle, like how many assets you both own, investment decisions that have been made and how you spend your money on a daily basis.

When you get married, you will be able to make better decisions about how you will merge your money after you have a thorough understanding of your partner’s spending habits and financial picture.

The free LegacyScore Platform provides you with the space to upload all your financial commitments and be able to see them at a glance.

  • Recognise your partner’s debt situation

 Surprises in a marriage can be welcome, however, debt surprises are not. These can easily be avoided through conversation.

You can work with your partner to pay off your partner’s debt if you know what his/her debt looks like before you combine finances. Try to keep your finances separate until you get married—for example, don’t open a joint account, co-sign, or add your partner as an authorised user. You’ll need at least one good credit history if you get married.

  • Save for beyond the date of your marriage

If you’re engaged, open a savings account that’s dedicated to your future financial goals. In order to contribute to your normal savings while still saving money for the wedding, it might be a good idea to boost the amount that you’re saving for it. Even if you’re getting help with the wedding, you’ll likely still want to save some money, such as for a honeymoon or a down payment.

    • Create a budget that works for you both

    Be 100% honest. Put all your bills out on the table and figure out how much you’ll owe each month, how much-combined income you’ll have, and what you’ll have left. Set spending limits before you get married and decide on a set amount each of you can spend without discussing it with each other first. This will attempt to stop any impulse purchases and any unforeseeable money problems.

    This is not to say that after the marriage spontaneity is over. Surprise your partner with a nice dinner out or a box set of their favourite TV show.

    • Agree on who manages what

    With great power comes great responsibility. Each partner might be more interested in managing a certain part of the budget, let them.

     On one hand, you might be more interested in dealing with insurance policies, asset management, and debt whilst on the other hand, your partner might be more interested in saving for the future and the overall financial wellbeing of the two of you. In a marriage, you should rely on the teamwork you have culminated over the time you have known each other.

    • Be Transparent with your decisions

    There’s no need to wait for things to go wrong to have a chat about money; it should be a constructive, ongoing discussion. Set aside time each month to discuss future financial decisions, assign new money-related duties, and asses your progress toward achieving your goals as a couple.

    Take these moments to discuss events that you both can look forward to and set money aside for a holiday destination you have been discussing.

    • Bonus Tip: Tell your financial commitments you are changing your name

    If you’re considering changing your name after marriage, remember to update it on all your banking and financial accounts as well.

    During the free sign-up to the LegacyScore platform, you will be asked to detail your financial portfolio. These details are all-encompassing ranging from your bank account information, properties, land to vehicles and businesses you may own.

    LegacyScore is a powerful and personal tool that is entirely free to use to ensure that you and your partner look out for your joint financial well-being. Why not sign-up today for free and begin planning For today, tomorrow and after.

    Cheers to happy marriage, happy money!

    Sign up for free today at legacyscore.com

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