Important financial considerations before getting hitched

According to Yas Aloosy, there are a few events in a person's life that signal a paradigm shift in their finances. Getting the first job and retiring are some examples.

Another example of such an event is marriage. When people get married, their finances are affected.

Yas Aloosy shares a few ways people can prepare financially for married life.

The sit-down: As soon as two people get engaged, they should schedule a sit-down wherein they discuss each other's financial responsibilities. This includes their debts and what they're currently paying. They should also disclose how much they earn to come up with a reasonable budget when married.

Who pays what: One of the more important points of the sit-down is deciding who pays what. This finalizes financial responsibilities, especially when they'll be having additional expenses outside the debts they're already paying off. Credit card bills, utilities, groceries, and the like are expenses that have to be divided, Yas Aloosy explains.

What to get: Aside from rent or mortgage, electricity, water, weekly or monthly groceries, and the like, couples will surely need to be getting a few more things on a regular basis such as monthly internet provider, maybe a cable TV, and other stuff. Yas Aloosy notes that couples need to decide based on the budget they set.