One of the most exciting times in your life is when you make that permanent commitment to that special someone. Understandably, the happy couple can get caught up in the excitement of the news. When I was planning my first marriage, couples counseling was not something many people did. One thing that was rarely done, at least in my circles, was to have financial counseling. I asked a friend if she and her future husband were going to seek financial advice for their new joint life together. She looked at me a bit oddly and said they were not as that was something that was very personal and private. Yes, it is and that is exactly why couples need to get their financial history, habits and future plans out into the open. That is why going to an expert in the field, like the staff from Genworth Financial is such a smart part of your pre-wedding planning.
Protecting Your Finances When Moving In Together
I recently read an interesting article entitled “8 Tips for Protecting Your Finances Before You Move In With Someone“, written by Megan Durisin. In the article, she talks about how of 1,000 renters, 38 percent of them will end a personal relationship with the person they are living with. What I found fascinating was of that 38 percent, almost all would continue to live with their partner due to financial issues. There is nothing worse than to break up with someone and then be forced to continue to live with them because you cannot afford to move out. Many of those polled said they had the most difficult time splitting up possessions and would advise that people save money that would be kept separate. This would help greatly in protecting your finances when moving in together.
I can tell you from experience I would strongly advise new couples to talk with an expert in finances. We all have different money styles, spend and save differently and have different financial goals for the future. If you do not get all this information on the table and see where you can meet in the middle, your financial future can be in jeopardy. I was 23 when I married, had never had a credit card and was a spender, not a saver. My husband was the polar opposite from me and I can tell you, when it came to the big financial decisions, we could not agree to save our lives. When he wanted to save for our retirement at 24, I wanted to buy a new car. When he wanted to save for a down payment on a house, I wanted to rent an apartment and buy pretty clothes. In looking back, I wish I had someone like the folks at Genworth Financial who could have helped us map out our financial future. If you are preparing to walk down the aisle with that special someone, I would suggest visiting the Genworth Financial website and see what information you have at your fingertips in many financial areas. You can use budget calculators, ask questions of the experts, look into life insurance, planning for retirement and many other important money matters. Have you ever been stuck in a situation where prior financial planning would have been useful? I would love for you to tweet this post out!