How to Know When You’re Financially Ready to Get Engaged

Via http://www.flickr.com/photos/mintsocial on Flickr

Via http://www.flickr.com/photos/mintsocial on Flickr

Valentines day is quickly approaching, and love is in the air. This time of year is the time when people get engaged and start planning for summer weddings.

So you’ve been in a relationship for quite awhile and you feel you know your partner inside and out. And you love them and want to be with them forever. But you know that weddings and marriage in general can be very expensive, and you don’t want to try to tie the knot before you are on top of your finances.

So how do you know when you’re ready to get engaged and then married?

Here are a few things to think about to determine whether you’re ready:

1. You Are On Your Own Feet Financially

You certainly cannot expect to be able to be okay financially in marriage if you aren’t okay by yourself. It may seem as if you’ll have more money in marriage, considering there will be two incomes, but there are a lot of expenses that come with marriage and if you can’t handle your own money then it’s unlikely you’ll be able to handle money if you’re in a couple.

2. You Can Work With Other People

Even if you keep your finances separate in marriage, it’s important to know you can work well with others. After all, your partner will have to have a say in large purchases, budgets, and other financial matters. If you’re at a stage where you’d prefer to keep to yourself, it’s probably not time.

3. You have Substantial Savings

You don’t have to have half of your retirement account funded, but you do need to have substantial savings before you’re ready to tie the knot. Even if you don’t want an expensive wedding, there are costly things that crop up when you do tie the knot.

 

Remember that marriage takes two and you both need to be solid financially to enter into a partnership on the right foot.



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