Image via WikipediaFinancial IQ Philippines Quick Hit(s):
Nice tip from one of the industry's best Financial Advisor, Henry Ong.
I heard many stories about marriages that failed due to money problems. I am planning to get married in a few months and I don’t want to have problems with my partner about money in the future. We are both working professionals but we differ in our spending habits. Can you give me some advice on how to manage our money when we are already married?—John Christopher via e-mail
Before I answer your question, let me ask you these: Have you tried discussing with your fiancée about managing money together? How well do you know each other’s lifestyle when it comes to spending? Do you have enough savings to start a family?
Very often, many couples who are about to get married do not discuss money matters. Instead, they reserve judgment based on their impression of their partner’s job and family background. Many couples avoid talking about money for fear that one partner may disapprove or feel offended. The only time that money is seriously talked about is when there is already a financial problem that threatens your marriage. For example, you are consistently missing paying your monthly amortization because you could not manage your cash flows anymore or your wife has already accumulated mounting credit card debts without your knowledge.
To establish a harmonious financial life, it is essential that you initiate an honest discussion with your fiancée about money. Decide how you two are going to share your expenses at home. If your fiancée earns more than you, you must resolve how much you want to contribute and in what way. Discuss with your fiancée your long-term financial goal as a couple. How much do you need to save together so you can buy your own house and have children later on? These are some of the issues and questions that you need to address during the discussion.
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