Many young couples are surprised when they step through the gates of marriage. Understandably, not only the status on the ID has changed. First, you live alone, taking care of everything yourself and enjoying it. But once you decide to live with the person you have chosen by marriage, the situation will automatically change drastically. There are new responsibilities that you must take on.
Living together in marriage requires not only a willingness to adapt to the habits and character of a partner who may surprise you. If you decide to get married, you must also be willing to share your life fully, from sharing your living space to sharing your financial problems.
Some people consider it taboo to talk about money. Especially if they are not legally bound in marriage. Some even hesitate for fear of being seen as materialistic by their partners. Do you think so too? It’s not too late to change that mindset.
Like it or not, money is an essential part of a marriage. So vital that financial problems can be a source of problems in marriage, you know. In Indonesia, this financial problem is one of the main causes of divorce.
Speak before it’s official
Marriage will unite two people who have different backgrounds and dreams, which can also be different. One of the differences you may encounter when you are in a marriage is how each person views money and how finances are handled.
For example, you may be spontaneous and tend not to stick to plans. The character can also carry over to the treatment of money. For example, you tend to be extravagant when it comes to spending. On the other hand, your potential partner will be more likely to be frugal or make planned purchases. These character differences can be a problem if not properly communicated. Not to mention serious financial problems like a heavy debt load.
So if you are serious about getting married, start having the courage to talk about financial issues. Start with good intentions, because open and smooth communication between couples about finances helps marriages to be more harmonious and stronger in the future.
Well, there’s no need to get confused about how to start a conversation with your partner before marriage about something as sensitive as money. There are several important financial issues to discuss with your potential partner before getting married, including:
What you need to be open about with your potential partner is your income profile. That’s not an indication of being materialistic, you know, yeah. By knowing each other’s sources of income, and how much and when they typically receive that income, you and your potential partner can have a clear picture of the financial challenges ahead.
For example, your potential partner is a young entrepreneur who has a small business with good prospects. The business is currently still in the development phase. The source of income for the potential partner is the business. This means that as a couple you need to understand and anticipate your potential partner’s income profile as an entrepreneur, which is rather uncertain.
By being open about each other’s income profiles, it becomes easier for you and your partner to make financial plans together as a family. Also, state what assets you both have.
Type of delivery
A high income does not necessarily mean someone is wealthy. There are many instances where a person’s salary is reasonable but they are unable to save at all due to their more consumptive financial habits. So the salary is not left.
So the second thing to talk about with your potential partner is your spending or consuming style. Are you or your potential partner flamboyant? Are they willing to spend anything to indulge in hobbies and so on?
So don’t stop talking about income profiles, you and your potential partner also need to be open about what each other’s spending style was like. Understanding each other’s spending styles can help you and your partner figure out how to manage your finances together in a way that’s comfortable for both of you.
Also, talk about the number of dependents. Are you or your potential partner still carrying your sister’s schooling? Or endure the life of a retired parent? All these financial facts must be disclosed in order not to risk becoming a problem in the future.
This is also very important for talking to potential partners before marriage. Especially for those of you who want to get married without a prenuptial agreement. Invite your potential partner to be frank with each other about the debt that is now being borne.
Does everyone have a debt burden? What are debts and what is the monthly rate? And how long is the installment period? By knowing each other’s debt burdens, you and your partner will better understand each other’s financial profiles.
Understanding the debts you owe will also help you in the future so you don’t get confused once you’re married. Under current Indonesian law, if you do not have a marriage contract, the assets and liabilities of husband and wife are understandably merged with marital status.
Allocation of responsibilities
Now that you know each other’s financial profiles, it’s time to delve further into the division of responsibilities. Try talking to a potential partner about what financial management will be like when you get married. Will you continue separately or create a joint account?
Opening a joint account makes it easier for you to share financial responsibility. To illustrate, each month you and your potential partner set aside the agreed amount of funds for household operating expenses. This can be claimed in particular by spouses who both work.
The account becomes an operational account to pay all kinds of routine household bills. Starting with electricity, and the Internet to monthly purchases.
Common financial goals
Married life means you no longer walk alone. Before you get married, there’s nothing wrong with you and your potential partner disclosing future financial plans. For example, neither of you has your own house to live in after the wedding. So the first plan is to rent a house in advance and at the same time collect a down payment for the purchase of a house. Since the priority is a house, the desire to own a car must first be postponed. Having a dream or financial goal together can help you and your potential partner know what to prioritize and what financial management strategy is most appropriate.
These are 5 important things every future married couple must consider for a brighter financial future. So are you ready to talk now?