Must do's before saying "I do"
PNC Bank offers 5 questions to ask yourself about money management before saying “I do.”Photo: Video by fox4now.com
WFTX - Now that the holidays, otherwise known as “engagement season” are over, wedding season is right around the corner.
While love is in the air, it’s important to make sure your wedding check list has you covered on more than just the big day.
Before couples tie the knot, they need to address how compatible they are on longer-term and critical lifetime issues, like money and finance.
Money is often cited as one of the leading causes of stress in marriage, so it pays, in more ways than one, to know the kind of financial marriage you may be getting into with your soon-to-be spouse.
PNC Bank offers 5 questions to ask yourself about money management before saying “I do.”
- “MY” vs. “OUR” money: Will we have joint or separate accounts? Will we consolidate accounts with the same banking partner?
- Debt: How much debt am I bringing to the marriage, and how will WE manage it?
- Who’s in charge of budgeting and paying the bills? Is there a CFO of the house, or is it a partnership?
- Spending: Are our spending priorities in line? Is there mutual or individual approval for spending?
- The Future: Are we prepared to plan for retirement together? (e.g. 401(k) plans, Roth IRA, etc.)