Before you say 'I do', do talk money: A guide for couples

Partners may have differing attitudes toward spending, saving, budgeting; address them early

- 

It's weddings galore in India, with some 46 lakh nuptials planned during November through mid-December, according to estimates by the Confederation of All India Traders.

If you happen to be among those exchanging vows this season, it would be worth the effort to carefully plan for a financial life together to minimize conflicts over money later.

“Have open and honest conversations around finances,” said Anannya Mishra, a couples therapist in Bengaluru, who has an independent practice and is also on the panel of Sneh Therapy, an online counselling platform.

Typically, conflicts stem from differing attitudes towards money, divergent spending habits, and sometimes even disagreements over the wedding itself.

Here are five steps in a marriage that can save the heartache late!

Know your financial selves

Perhaps you know what your partner likes to do for fun, or even his favourite foods, but how well do you know his attitude towards money? Is he a spender or a miser? Does he have a huge credit card debt? Is he the type who makes risky investments, and would you be okay with that?

“He may be a big risk-taker, and you may not be,” said Tania Ahuja, founder of Nobias Analyst India, a SEBI-registered investment adviser in Mumbai.

Have a conversation early on to understand your own and your partner's financial selves. “What do you want from your money? What are your expectations? How will you get the money that you want?” said Renu Maheshwari, a SEBI-registered investment adviser in Chennai, and founder of Finscholarz Wealth Managers.