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Financial guruSuze Ormanhas long emphasized the importance of financial preparedness, especially when it comes to tying the knot.
Here are six essential steps Orman recommends taking before you say, I do.
Discuss your incomes, debts, credit scores and financial goals.
Transparency is key to building a solid financial foundation together.
From the monthly spending to the long-term retirement planning.
I dont care if one of you likes to handle finances more than the other.
Fail to do that, and I have to tell you, your relationship is at risk of failure.
Creating a joint budget helps you manage your combined incomes and expenses.
Identify your monthly incomes and list all your expenditures, includingrent, utilities, groceries and discretionary spending.
She said, The division of your cost of living should be based on your incomes.
Your income is 55 percent of that sum and his is 45 percent.
Orman recommends keeping both of your emergency savings funds separate.
Consider a Prenuptial Agreement
Discussing a prenup can prompt important conversations aboutfinancial expectations and responsibilitieswithin the marriage.
Massive loans or credit card debt can be a significant burden in a marriage.
Work together to pay down high-interest debts like credit card balances or personal loans.
Create adebt repayment planthat you both are committed to and consider consolidating debts to secure lower interest rates.
Establishing clear, achievable goals will help you stay focused and motivated.
Regularly review and adjust your goals to ensure they align with your evolving priorities.
Orman breaks it down like this: I want you to have at least three separate checking accounts.
That includes everything from the rent/mortgage to themonthly automatic depositsyou are making into retirement accounts.
The Yours and Mine accounts are how you avoid fighting overdifferent spending habits.
No discussions or arguments necessary.
She concluded, We never know how marriage or any relationship may play out.
I wish all of you endless happiness.
But my job is to protect you from lifes what-ifs.
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