So your other half finally got down on one knee and you said yes. Now it\u2019s full-steam ahead with the hectic process of planning the big day. With so much to think about, it\u2019s often easy to get caught up in the excitement of your wedding and forget to consider the decisions you will need to make as you embark on married life together.<\/p>\n
We don\u2019t want to take away from the romance but before you even think about stepping foot down the aisle, it\u2019s really important that both you and your partner have had a thorough and honest discussion about your finances and approaches to money matters.<\/p>\n
Based on some great\u00a0money advice from Mrs Moneypenny<\/a>, here are some of the things you need to consider before entering a financial relationship with your future husband or wife.<\/p>\n You might agree on your favourite TV show, your dream holiday destination, and even your hopes for the future. But that doesn\u2019t mean you both have the same outlook when it comes to regular spending habits.<\/p>\n This is where you both need to be honest with yourselves and each other and answer another big question \u2013 are you scrimpers or savers?<\/p>\n This is the first step you need to take to\u00a0get your relationships financially sorted. Once you understand each other\u2019s attitudes to money, you\u2019ll be in a much better position to tackle any problems that may arise in the future.<\/p>\n Yes, it\u2019s true that financial worries and pressures\u00a0can put a strain on relationships<\/a>\u00a0but it\u2019s better to be completely honest with each other and face these issues head on as a team.<\/p>\n If you\u2019re hoping to secure any credit or finance together in the future, such as a mortgage, then the lender will take both of your credit reports into account.<\/p>\n So it\u2019s important to know where you both stand and make sure that both of your credit reports are in the best shape possible before applying to the bank. This will give you the best chance of being approved.<\/p>\n Even if you aren\u2019t applying for credit together, you will have formed a formal financial link and, as such, your credit worthiness will be impacted by your partners.<\/p>\n You should also be aware that the financial link doesn\u2019t automatically end if the relationship does – this means that you or your partner might be affected by a previous link with someone else. Don\u2019t worry though, if this is the case, Credit Reference Agencies such as Experian can help you put it right.<\/p>\n Every couple has a different opinion on\u00a0joint bank accounts<\/a>\u00a0and it\u2019s very much a personal decision to be made between the two of you.<\/p>\n A joint account can be convenient, especially when you are\u00a0renting or buying a property<\/a>\u00a0together. Mrs Moneypenny suggests that if you do decide to open a joint account, you also retain your own individual accounts and set up standing orders to pay an agreed amount of money into the joint account in order to cover bills etc.<\/p>\n If you have decided to open a joint account, your credit reports will be linked together, which means that your partner\u2019s credit score may be taken into account if you make an individual application for credit.<\/p>\n Although you may both have individual accounts, whatever you spend ultimately impacts upon the other one. We all get tempted to indulge every now and again but once you tie the knot it\u2019s not all about you anymore.<\/p>\n To avoid any potential arguments and disagreements it\u2019s a good idea to sit down and\u00a0agree a limit<\/a>\u00a0that you can spend alone without running it past your partner. Anything that comes in over this amount, will need to be agreed on by both of you before spending.<\/p>\n Whether you\u2019re saving for your big day, a mortgage deposit, or the holiday of a lifetime, work out between you how much you need to\u00a0save each month\u00a0and\u00a0budget\u00a0<\/a>around this. It might also be worthwhile opening a joint savings account so you can set the money aside each month and track your progress.What Are Your Financial Personalities?<\/h2>\n
Be Honest and Open<\/h2>\n
Credit Reports<\/h2>\n
Joint Accounts<\/h2>\n
Joint Decisions<\/h2>\n
Savings<\/h2>\n
\n <\/p>\nIt\u2019s Not All Scrimping and Saving<\/h2>\n