Did you know that Botswana’s divorce rate was at 70% in 2010? Shocking right? One of the main reasons for divorces is finances. A lot of people get so focused on planning for the wedding, most people never take a moment to plan for the marriage! Yes…there is “lenyalo” the wedding and “lenyalo” the marriage! Here are 7 things you should know about money in marriage.
1. Be transparent from the beginning. You need to sit down with your partner and be completely honest with each other about your finances. Let each other know about your earnings, loan payments and any other debts that you may have. This will allow you to have realistic expectations about money in your marriage.
2. Financial infidelity is just as bad! If you are married in community of property then you both need to let each other know about any big purchases you plan to make. Talk about it and whether it fits your budget or not.
3. Mine, yours and ours: In community of property means what is his is yours and what is yours is his so stop using “my money” or “his money” when talking about money in marriage. When you get married you become one, that includes in finances (unless you’re married out of community of property).
4. Black tax is a thing! Taking care of your family is commendable but you need to understand that it won’t always be possible to cater to their every demand after you are married. Sit down with your man and discuss your individual black tax situations and figure out how to handle them.
5. Cater for life after the wedding. A lot of people take loans to pay for their wedding….that can start your marriage off on the wrong foot! If you’re going to take a loan to finance your wedding please make sure you’ll be able to cover the payments and live comfortably.
6. Don’t get comfortable with debts. Don’t make a habit of getting by because of debts! Like mentioned previously, you need to communicate with your partner about your finances, make a budget together, this will ensure you spend your money wisely.
7. Don’t assume that your man will take care of everything. Marriage, relationships in general, are a partnership.