By Christopher Cervantes, RFP

Getting married and having children are significant milestones in life.

In planning marriage, it’s critical that one and the future partner talk about money seriously.

This time of the year is the best time to start laying out cards and discuss how to live romantically and financially.

Money talk is not usually a romantic subject for a couple, but it’s important to avoid major fights in the future.

Below are some of the things a future husand and his wife should be discussing now:

Determine respective spending habits. People are brought up differently and so their values on spending could also be different.

Decide how to spend as a couple. Choose which values on spending should be adopted.

Individual risk appetite should also be determined. This is important in making any money venture in the future.

Learn how to respect and acknowledge fears and opinions of a partner when it comes to managing funds. With this, one will know how to better assess opportunities and make decisions.

Though it would be good to know who among the couple has the most experience in handling money, decisions should always be made by the wife and husband.

As a single person, one has his/her own desires and dreams in life. Getting married is one of them.

But in marriage, one’s goals should be fully aligned with that of his/her partner. The couple’s needs and wants should be aligned with those of their future children.

Taking care of individual finances will ensure easy transition from singlehood to married life.

Having updated financial statements is a good way to start. Make an inventory of personal insurance coverages and be prepared to change beneficiaries.

For women, more works have to be done. Since they will be changing their last names, lots of legal documents (identification cards, social security) will need to be updated.

These are just few of the many things one has to prepare before tying the knot.

Planning is key to success.