Having know each other for a good amount of time to tie the knot and ring those wedding bells, both you and your partner should know each other well enough, inside out. The good and bad habits, different ways of getting things done, and even spending habits sure be well at your fingertips.

If you are still not sure of your other half’s spending habits, it is good to start having a serious open conversation between the both of you when it comes to money. Since money is a touchy topic, it should be sorted out ideally before marriage or when you guys are officially married as a couple.

A couple of tips to guide you through would be to:

Know and find out more about your partner’s financial status

You should know how your partner spends his/her money on a monthly basis, what are they overspending on that can be saved, separate the needs from the wants. Ensure that both are not splurging if you want to settle down and build a family anytime soon.

Do not keep or hide any ongoing debts from your partners

If you have any ongoing loans or debts that you are financing on a monthly basis even after marriage, be sure to keep your partners updated. As your significant other half, it is only right that they should know what loans and debts you are in at the moment. Try to clear them ASAP to avoid any snowballing or compounding interest to kick in.

Emotions should be steered clear during any money-related discussions

When making any money-related discussions such as investment plans, or to get a new car, or buy a new sofa or flatscreen television, do not buy it just because it is on sale or everyone has it so should you. Make rational decisions and do not let your emotions get the best of you. The worst arguments would often involve money in it. If you are emotional, do not make any money-related decisions as you are not clear in your mind, which will only result in rash and impulse decisions made. You will regret it in future.

Is a joint account needed? Should the both of you open one together?

Consider and discuss if the both of you need to have a joint account. this joint account should be actively contributed on a monthly basis from both parties to save up for future use or for your children’s education.

Set some ground rules for savings to be put aside for rainy days

Ground rules should be set on a mutual consensus. For instance, the both of you should contribute at least 20% of your monthly salary into a joint account for rainy days, this joint account can only be touched and utilised if either one of you has to clear off emergency hospital bills, or unexpected expenses that surface abruptly. Else neither one party should touch this account at all.

Set aside a portion to splurge or go on holidays

If there is still surplus money that can be set aside, do allocate a portion of it to your holiday trips. Plan a couple of vacation if time and money permits to further strengthen the bond between the both of you and it is not always all work and no play, you can still enjoy and have fun occasionally.