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What does money have to do with getting married?

Video transcript

so most of us consider marriage to be primarily a romantic decision and it is a very important one this is the person that you're going to and it definitely should be about romance but it's also very important life decisions the person you're going to spend your life with but it's also very important financial decision because you're going to live with this person and you need to be clear on that that you have similar financial priorities if if one partner you know is kind of spendthrift and wants to you know not save a lot or whatever and the other one does well that could lead to issues in the marriage you can get in the way of familial happiness at once the honeymoon period kind of wanes a little bit so I think it's very important with your future partners to make sure that you have similar financial values and I would encourage those financial values to be live below your means use money not as a tool to buy luxury goods to kind of show off but money is a tool to give you freedom if you want to start a business or take a vacation or have retirement or if if god forbid you have something in your life that is a hard time someone falls sick and someone else might have to take time off of work to take care of them that you have a some savings to so that that doesn't become even more stressful than it needs to and then once you actually get married there's even other it's really a merger of your finances and I've seen different variations you know me and my wife we everything we do is it's together all you know our bank account same bank account credit cards our house it's in both of our names I like it that way you know this is my life partner we should be making decisions about everything together but there's other people who do other variations I know some couples that they'll have a shared account but then they each have kind of smaller separate accounts where you know if hey if I want to buy that nice you know electronic gadget or that nice piece of clothing yeah I don't need to have oversight there so I've heard of that but you know ideally you're your spouse doesn't mind you buying a little bit for that as long as it's responsible and then I know there's other couples that have completely separate finances and it's a little bit more like roommates like you cover the electric bill and I'll cover the mortgage and you cover the car payments and whatever else these are all things I've seen but one I live and it's worked well for us is the one where where we just do merge everything together
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