I have friends who give my books as wedding presents.  I am happy that the couple will have some guidance during their married life but it would have been better if they had been given the books before or when they became engaged.   The books will help them understand how they can save and grow their savings.  With these books, they can discuss and mutually agree on the type of investments they would choose both for the short-term and for the long-term. You can also join our seminars that we hold regularly.

Even if financial well-being is a joint undertaking, one of you has to be responsible for:

–       Staying within the agreed budgets.  Informing the other when there is any possible deviation foreseen.

–       Keeping track of all important documents and records such as your marriage license, passports, Income Tax Returns, insurance policies, investment certificates, etc.  Decisions on Insurance, Investments and Income Tax Returns filing should always be done jointly in consultation with experts.

–       Properly maintaining and balancing all bank accounts to prevent penalties and not allow cash idle without earning any interest.  The matter of keeping joint or separate accounts or a combination of the two is a choice that the couple should agree to.  They should be open with each other with their reasons.

Of course, these activities can move from one to the other, say one year each.  This way, both of you learn and have a good understanding of your financial situation.  This is especially important in case of emergencies where one is not available.

There is the matter of who will pay for the wedding.  There used to be a rule where, in the Philippines, the groom’s family pays for everything and in the United States, the bride’s family pays for everything.  Today, many couples pay for everything.  The families of both the groom and the bride can give whatever monetary gift they can afford.  From the gift, the couple can decide on how much they want to spend for the wedding itself.

I always admonish couples not to spend too much on their wedding day.  It is only one day and they have the rest of their life together to look forward to.  The rest of their life together is definitely more important.  They should not try to keep up with their friends who got married before them.  Parents should respect the decision of their children.

Differences are inevitable.  Work on a program of continuing discussion and communication with an open mind and sincere heart.  Bring in an objective and experienced financial adviser if your differences seem to be major.   This is key to your long-term financial compatibility