When a couple enters into marriage, one of the frequent discussions and/or subesquent understandings they may come to focuses on financial responsability and how that relates to professional aspirations, how income will be allocated etc. Part of these sticky but ultimately fundamental debates may center around career goals (earning potential) versus the educational cost in dollars and time required to reach that point.
Digging deeper, you may discuss the types of things one does or doesn’t prescribe value to. As an example, you may prefer to spend money on things that offer convenience and comfort in your daily life over temporary luxuries. In other words, you would rather dish out extra cash on items such as clothing, furniture, vehicles, appliances, groceries than spend on going to events, dining out, or going on extravagant vacations. Conversely some may prefer the value of said experiences and thus be willing to limit spending in the daily in order to save and splurge on special occasions such as vacations etc.
Undoubtedly the potential presence of children will play a significant role in financial planning. Not only will children create a unique fiscal responsibility, but thy may shift priorities. How will you as a couple take on the financial burden and at what cost personally and professionally? Now this may sound heavy and potentially placing the cart before the horse. However, the fact remains that someone may have to place their professional goals on the back burner especially while one’s children are young in order to properly take care of them. Similarly, if as a couple you decide that you prefer the freedom and flexibility not immediately starting a family affords, you may decide to hold off on starting a family.
The important thing is to understand where each person is coming from, where their priorities lie, and how that applies down the road. If you can’t agree now there’s a good chance that financial friction and its pitfalls could be in your path.
