1. How do you spend your money? 

Spending habits vary greatly from person to person, and there’s a lot more nuance to consider than just whether you (or your partner) are a spender or a saver. Dive into your individual relationships with money, how you budget, and how you view payday, taking the time to get to know how the other person thinks. Managing money as a duo is a lot different from how you manage it solo, so it’s important to speak about money habits openly before you begin to build a life together.

2. What are your financial goals?

Working toward long-term financial goals together can be a bit different than doing it on your own, since your needs as a couple might be a compromise on your individual goals. But it can also be a perk; if you both work, for example, you might have twice the purchasing power, allowing you to save for things that would be much more difficult to attain on your own.  Do you dream of owning a home, having children, building a business, or buying an RV? Dive into how that fits in with your income and expenses, and what steps you can take toward your goals together. 

3. What does your wedding budget look like? 

Wedding finances aren’t something to overlook. With the average cost of a wedding in Montana in 2019 sitting right around $20,500, that expense merits an in-depth conversation. Make sure you’re both on the same page with what your budget is and how you’ll save for the celebration. Whether you want a big affair with an open bar and all the bells and whistles, or you want to get a license at the courthouse and bring just your witnesses and officiant to a mountaintop for a private ceremony, setting a plan ahead of time will set you up for financial success. 

4. How should we manage our finances as a couple? 

Whether or not you want to combine finances is up to you, and each couple is different in how they manage their money. You might want to keep your finances separate; you might prefer to open up a shared account and maintain your individual ones too, or it might make the most sense to blend your finances entirely as you enter marriage. All avenues can have their pros and cons, so take the time to talk it out and find the way that works best for you. 

5. How much debt do you have? 

It's good to know how much debt you both have going into your commitment, bringing that out into the open in a conversation. Though you each remain individually responsible for debt that you acquired on your own before getting married, the debt of each individual in the relationship may impact your ability to take on future loans. And paying back big or small debts will ultimately impact the other person too when you tie the knot. Don’t shy away from hard conversations, and know that discussing money matters openly will help lay the foundation for many happy years together. 

For more money tips and saving tricks, the RMCU blog has plenty of info to help get your spending and saving in a healthy place. Make financial literacy central to your life, and take off toward your financial goals. 

If you enjoyed this blog, you might enjoy these other related blogs: 

• What to Expect When Budgeting for a Wedding in Montana
• Meal Planning 101 for Budget-Savvy Families
• Top Ten Projects That Improve the Value of Your Home