Finances?

Question

I recently got engaged to the love of my life. We agreed to go over our personal finances together. I’ve always been incredibly frugal by nature, and have about 50k in savings. My fiancé told me has has only 3k in savings despite making more money than me. This discrepancy is a little scary for me, and I’m wondering if any other couples have been in similar situations, and if so, how did you address it? Am I worrying over nothing?

Answer

I think the fact that he in general has a savings is good news. 50k is a lot to save up and a lot to expect someone else to have. 3k is still a good amount and shoes that he is responsible enough to save. I think you're worrying too much just because you have a large savings, it's given you a different perspective.

Answer

My husband had a good bit saved and I had practically none even though I made more money. I started paying bills with no savings as an 18 year old comment student. I just didn’t make the money to save. 
We don’t share our money. My money is my money and his money is his money. I pay certain bills and he pays certain bills. We each but what we need when we need it. We don’t pay each back or keep tabs on how much we spend for the other. It works for us.

Answer

I’d say what is more important right now is that you two get on the same page with finances…talk about it now, even if it’s difficult, before the wedding. Openly talk about your financial goals, concerns, etc without any judgement just to see where you both are and then set some goals as a couple. Talk about spending habits, for example we respectfully talk about any purchases over $100. We took Financial Peace University course together and this really prepared us for managing money in marriage. My husband and I were on different pages, so we also a “team meeting” once per week to discuss our budget, unexpected spending, etc. and as time went on we now do it once/month. Since becoming married we combined our accounts and manage one which is easier and we can both see what’s going on. Money is one of the biggest things couples fight over, so if you get on the same page now, you’ll be much happier in the long run

Answer

I mean that info alone doesn't mean a lot. I make several times more than my husband, like 30k versus over 100k and he has significantly more savings due to me paying off student loans and car. So it doesn't mean he's necessarily bad with money. 
On the base level it would look the same about me, but I have low savings because I paid 15k of student loans, a 25k wedding, plus 10k on my car this year while my husband used his money for the bills. 🤷🏻‍♀️
I wouldn't be concerned over that alone. Also are there differences like you live with parents versus he lives alone, etc?

Finances?

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