Do You Really Need Pre-Marriage Financial Vows? – Part 2

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The previous article discusses 3 pre-marriage financial vows which a couple need to take to heart before tying the knot. They begin with agreement on savings and retirement, shared financial objectives, and the importance of avoiding financial secrecy. The points are agreement, commitment, and transparency. Make sure to begin your new life without any secrecy between both of you. This helps minimize unnecessary clashes in the future.

More Pre-Marriage Financial Vows to Take to Heart

Respecting Each Others’

Some couples begin their new life by agreeing on merging bank accounts. Meanwhile, some others keep them separate. It does not matter whether you choose the former or the latter. The point is to find a system, which work for both of you and for which you are committed. As long as you keep everything transparent, keeping your accounts separate is not a problem.

Some couples feel more comfortable in managing their money by merging their accounts. Meanwhile, some others keep the combination of “yours”, “mine”, and “ours.” There is no rule on which one you should take, as long as you have commitment for the decision.

pre-marriage financial vows 2

Protecting the Family Financially

This is actually the end objective of taking pre-marriage financial vows. Regardless of what happens in the family in the future, both of you have to protect the family financially. There must be some schemes to do this. For instance, you can set Plan A, Plan B, or more. The following are some examples:

  • Prenuptial agreement; this is especially important if one or both of the spouses have business or assets they need to protect in the future. Individuals who have previously been married may also need this document to protect their children.
  • Fund reserve for emergency; make sure to allocate funds that cover 3 to 6 months of expenses. This aims at protecting you in emergency conditions that lead to financial shocks. Examples include job loss or unpredictable expenses.
  • Insurance; basic insurance plans like life insurance, health insurance, and liability insurance must be a part of your vows.
  • Estate planning; this is important to protect your children in case that unwanted things happen to you and your spouse in the future.
Keeping Conversation Going

Judith Ward – the Forbes contributor – notes the importance of communication as a part of pre-marriage financial vows. Keeping the communication going on a regular basis allows you to minimize unnecessary things. You can renew the vows, if necessary, after evaluation your progress. Allocate certain time to discuss your financial condition, share financial information, and set other plans.

Evaluation on your financial condition can mean at least two things. Firstly, you have to keep another commitment, for instance, cutting monthly spending. Secondly, you may plan a holiday shopping budget, if everything goes on the track and you still can allocate some funds for fun. Some couples choose to allocate extra fund for social purposes. Both of you can agree on how to use the money. This kind of agenda may enhance your spirit to keep pre-marriage financial vows, as you can do interesting things as a reward.


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