Post # 1
Just doing some thinking and how do you plan for your life after the wedding? The wedding will just be a day event but how do you prepare for a marriage? FI and I are comfortable money wise but what happens if one day were not ? Or what about those couples that are even in their mid to late 20’s then still aren’t comfortable..how do they make it work? I know this random but just would like some input…how do you plan for your life after the wedding?
Post # 3
Do you mean having enough money or just life in general? We keep a budget to keep expenses under control, save as much as possible in retirement accounts and then whatever is left in general savings. We have a bit less than standard in our emergency fund but we are in unique situations that it would be pretty difficult for us to lose our jobs.
Post # 4
@MrsSaltWaterTaffy: Kind of both…I’m just in a deep thinking mood!
Post # 5
Have you considered doing any premarital counseling? Doesn’t have to be a religious thing, but a class like that could really help the two of you make sure you’re on the same page and have thought about and talked about some of those what-ifs.
Post # 6
@MsLlamaFace: I think we are on the same page ( as of right now) but I just see some of these couples that get married then divorced after 6 months or a year and that scares me. They seem perfectly fine on the outside…and I know that’s not a good indicator but just makes me wonder.
Post # 7
You plan for the future the same way you would if you weren’t married, except you have to make a plan that works for the two of you. Define your goals, then develop a plan to make them happen.
Where do you want to live? Do you want a house? Do you want children? Do you want to travel? before or after you have a family? or both? Do you want your own business? At what age do you want to retire?
Once those decision are made, you develop a budget to handle the financial side of it.
Also plan whatever else you need to do- take a course, do some research, get some counselling, attend to health issues etc
Post # 8
@julies1949:Thanks for the advice!!!
Post # 9
DH and I weren’t exactly pulling in the cash when we got married. We are in our late 20s, but I’m still a student (my 3rd degree) and DH went back for a second degree and had only been working a few months.
We’re on the same page when it comes to money. When I was getting scholarships, I knew they wouldn’t last forever. You get the most amount of money the first month of grad studies. Instead of blowing it all, I saved it. Even without DH’s income, I wouldn’t be going into debt right now, I would just be going through my savings.
DH and I sit down and go over our savings, and our financial plan in general. Currently we don’t have a budget (other than automatic savings plans, and we don’t spend more than what we make) but we have been thinking about it. It also helps to know that things will be better in the future. DH’s income will increase, I’ll have a job and we don’t plan on paying rent for 2 different places forever!
Post # 10
Lots of communication.
We made 5 year plans, 10 year plans, 30 year plans related to family, goals, vacations, purchases, retirement.
We discussed how much we would have to save for each event/goal
We discussed who would do the investing and what the communication around that would be.
We discuss big purchases.
We constantly reevaluate our plans to make sure they still fit and adjust for the newest circumstances.
We discuss household responsibilities weekly. Ill do this, you do this.
We have open access to all accounts so we can always see what is there. There are no secrets, yet we dont really question what is spend because we are very respectful of the money we earn and our future goals. Sure we will go to lunch or buy new stuff, but not every day.
Post # 11
- Wedding: October 2011 - Bed & Breakfast
We’ve already spent a lot of time discussing our goals so that we are both on the same page. We know what we want in terms of raising teen LK, buying a home, living as debt free as possible, traveling, retiring, etc. We worked with a financial advisor to figure out our wedding and house purchasing budgets, and where they fit in the long range plan. Once we actually find a house that we want to purchase and finish the deal (a whole other topic of angst!), we’ll meet with the planner again to develop a savings strategy for major home investments, additional retirement savings, and general financial practices. We are pretty liquid right now and really want to start investing more for our future. We’re depending on our financial advisor to help us make smart choices that will get us where we want to be.
Post # 12
Thanks for all the advice ladies! Sounds like sitting down and actually putting it in writing will help get a better grasp on things!
Post # 13
@lefeymw: We do this also. We had dating financial plans, an engaged financial plan, a married financial plan – different ways to share our money at the different stages in the relationship. So when we were dating we already had an idea of how the money part would go.