It may not be as much fun as picking the wedding wine, but planning the financial aspects of your wedding as part of your start together as a couple is so important we asked TWO of Ireland’s top independent financial advisors for their top tips on planning ahead. Liam Ferguson of Ferguson and Associates adds his advice to couples starting out.

It can seem a bit unromantic to be discussing the subject of money in the days leading up to your wedding, but it’s important that you do, especially if you haven’t been living together before marriage.  Get a few ground rules in place and money need never be a source of marital discontent. Fail to agree and money can cause some terrible bitterness and bad feeling.

1. Get the skeletons out of the closet

As you’re both entering into an important financial partnership, both sides need to know the full picture of each other’s finances before signing on the dotted line.  If one partner has huge debts, a damaged credit history, a gambling problem etc., get it out in the open.  There’s no point in one partner assuming that you’ll be able to buy a marital home just as soon as you have the deposit saved, only to later realise that you’ll only be able to buy, borrow or even save when your intended has cleared a mountain of debt which could take years.

If there is a problem, get it out in the open and figure out a way to deal with it together.  Get professional help if necessary.

2. Agree how you’ll manage your finances as a couple

There’s no correct way for everyone to manage their household finances.  Different people will have different methods.  Some people simply pool all their income into one joint account and go from there.  But that can lead to resentment if there are unequal amounts being paid in and/or one partner is spending more on themselves out of the joint account than the other.

One way of solving this is to work out a monthly budget for all necessary household expenses, like mortgage or rent, electricity, gas, food etc.  The Financial Regulator has a useful budget planner here to help you itemise most of the usual ones.  Open a joint bank account for payment of all these bills and agree to contribute a fixed amount into it each month.  Try to keep a bit of a float for unexpected bills.  Once the household expenses account has been fed each month, any remaining income can be set aside for having fun.

3. Have a joint financial plan

Before setting out on life’s road together, make sure that at least you’re heading in the same general direction.  Discuss your longer-term goals and aspirations.  If you want to retire at 50 and then travel the world until you’ve visited every single country in it at least twice, that takes a different type of financial planning and management to someone who loves their job and intends to work until they’re carried out of their office in a wooden box.

Decide and agree a few basics – Are we going to save towards a new / bigger house?  If we’d like to have children, how will we pay for their upbringing and later school and/or college?  When would we like to retire?  These things cost money but if you agree a plan, then you can agree on how to fund your plans together.

4. Accept that your attitudes to money may be different

Some people are naturally very prudent with money and will always live within their means, save something every month, contribute towards their pension every month and never borrow for short-term requirements such as holidays etc.  Others prefer to live in the “now” and spend every cent they earn as soon as it arrives.  As a financial advisor, I try to convince everyone to lean towards the former type.  As a human being, I know it’s also hugely important to have fun and not be so preoccupied with the future that you don’t enjoy life now.

But can these two extremes live together in wedded bliss?  Certainly, provided that they agree the common ground first.  If your man is spending apparently vast sums on golf clubs, low-profile tyres or the latest digital gadgets, don’t berate him if he’s also contributing his agreed share into your joint plans.  Or if your dearly beloved is spending more on clothes, Jimmy Choos, hairstyling and make-up in a month than you spend on your own personal appearance in a year, don’t grumble if she’s also contributing to your agreed joint plans.

Liam D. Ferguson is principal of pension, mortgage & insurance brokers, Ferguson and Associates, http://fergablog.blogspot.com and LDFerguson on Twitter.