4 money secrets to know before getting married

According to a survey by personal finance company NerdWallet, more than two in five Americans admit to cheating or keeping money secrets from their partners, spouses, or partners. The phenomenon is so common in marriages around the world that researchers have dubbed it “financial infidelity.”

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Therefore, experts advise that before getting married, you should be honest with your partner about the following 4 issues to ensure a smooth start to your marriage.

Financial literacy

If you’re concerned about how your partner spends money, sit down together and ask about the financial lessons you learned growing up. Even if you come from a family that never talked about money, you’ve at least witnessed certain spending habits that have shaped your money perspective.

Ask your partner about how their parents handle money, the debt situation in the household, and how they view money. If your partner comes from a different cultural or socioeconomic background than you, this is especially important because you both grew up with different financial standards.

After this conversation, you may not agree with your partner's way of saving and spending, but you will have a better understanding of why they think that way.

Outstanding debt

According to NerdWallet, among Americans who are in relationships or married, more than 8% admit to lying or keeping information about their debts from their significant other.

While a spouse is not legally responsible for the other's premarital debt, it can still have a profound impact on both of your finances. If you're sharing money or simply working toward a common goal, debt can affect how you save and spend.

Each person should write down their debts, interest rates, and payment terms. Then, as a couple, you can decide how to pay them off. Two popular strategies are the “snowball” and the “avalanche” strategies. With the snowball method, you focus on paying off debt from smallest to largest, while the avalanche method does the opposite.

Discuss with your partner to resolve the debt together quickly.

Income and Expenditure

NerdWallet's survey further found that 14% of Americans who are in a relationship or married lie or keep their income a secret from their "other half", and 23% lie or keep their spending a secret.

Income and expenses affect how much money you have left to live on together, so be honest about this to see if you and your spouse have enough money to live on together and, if not, what you can do to improve it.

Financial goals

Life can be stressful when you don’t have enough money. However, planning for the future can be fun. Talk about all the things you want to do after you get married, such as buying a house, going on vacation, or starting a business. Pick one of the two goals that seems feasible and take the first step to start making your dream come true together.

Being open and honest about finances, even though it may be inconvenient, can build a solid foundation for family life.

According to VnExpress