Finances can often break marriages; many such instances may be due to a lack of communication between partners regarding money matters. Marriages are tough, be it arranged or love, money plays a vital role in our lives. It is only prudent that you discuss money matters with your partner before you marry. This is to ensure that you both are on the same page money-wise, financial compatibility can bring in a lot of mental peace. If you are not sure how to discuss this sensitive topic, here are some pointers.

1. Financial backgrounds::

   Often, typically in an arranged marriage, parents lookout for potential partners for their children who fall within similar financial backgrounds. This is under the notion that the attitude towards money would remain conducive. Although, coming from similar financial backgrounds does not guarantee compatibility between two individuals, having an understanding helps you understand the other person’s perspective towards money. This can come in handy whilst making joint financial decisions.

2. Financial behaviour:

   Financial behaviour or spending patterns can be a very important aspect that you should discuss with your potential partner. This is often one aspect which leads to numerous conflicts, putting polar opposite personalities together is a recipe for disaster. You should have a reasonable understanding of how your partner looks at money and spending habits to assess how it aligns with your own. Although at this moment you both may be financially independent, there may come a time in the future, when one of you may have to rely on the other for financial support.
   
   Also, in the future, you may have to make joint financial decisions concerning investing and big-ticket purchases, hence gaining an understanding of the financial behaviour and attitude towards finances can be of great help.

   

3. Financial goals:

   Often, your financial goals before marriage could be frivolous, you may want to own a luxury car, or travel the world. It will be a very interesting effort for both of you to sit down and chalk down your financial goals over the next 20 – 30 years. It will not only help you foresee yourselves into the future but will also help you assess if your financial dreams are similar. This also subtly drives home the point that marriage is a long term commitment which requires constant work and effort.

4. Life goals:

   Life goals pertain to all other goals excluding the financial angle, it could be how big or small you want your family to be, the choice of nuclear or joint family, living in India or abroad etc., it could also be career aspirations like being self-employed at some point in time. Whilst they do not deal with finances directly, there are financial implications around each of these decisions.

5. Credit history:

   Remember to question your potential partner about their past debts and their attitude towards borrowing. Often, some people are very cautious about spending and try to save every penny, while others use their credit cards or borrow at the drop of a hat. Instead of merely discussing the potential partner’s credit history, it may do a world of good if you cross-check their credit history. There are times when the spouse ends up fending the barrage of EMIs on behalf of their partner’s borrowings before the marriage.

These are some topics that you should discuss before marrying your partner, financial transparency is a great way to break the ice and build a long-lasting partnership.

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