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Marriage changes the status of a person and most of all, it changes the entire financial life of the new couple. As they get a new legal status, everything else becomes new including how they make decisions and future choices. Each spouse brings in a new image into the picture. In Nigeria, couples who have limited knowledge of financial balancing or money management in marriage end up failing.
Marriage becomes insecure not when there is no money but when a couple is not handling financial issues correctly. This article is a detailed survey of how to prepare for financial situations before tying the knot.
Marriage and Money in Nigeria
There’s a need to understand the risks of a marriage bond. Aside from being emotionally beneficial, marriage has financial arrangements that need to be gotten right.
A couple needs to handle money together and draw up a strategy together that will ensure monetary stability.
Establishing a joint account where cash for emergencies as well as for retirement will be kept is a great first move.
Financial responsibilities should not be onesided as is the belief in Nigeria it is hazardous. If something goes wrong with the breadwinner as it is called, many things can fall apart at once.
Both partners can consider combining financial tasks including knowing where to pay for bills and how to go about it.
A couple can feel free to share passwords to certain online activities for future purposes. Applying this strategy also makes it easier for both to follow up on the financial footprint of each partner.
Set up a common budget for the home and try to meet up financial goals together.
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