Finance Tips for Newlyweds
The newlywed guide to master your money together.
If you’re planning on getting married soon, it’s time to start talking about the other ‘m’ word, MONEY. Being on the same page is critical to having a successful marriage. It’s no secret that money issues are the top predictor of divorce. The good news is these issues are preventable by having discussions now, which will create a strong foundation for financial security.
- Get on the Same Page Financially
It’s important to have open communication about your finances from the beginning. To make it fun, you could plan a “financial date night” and discuss your current income and expenses. If you are bringing any debt into the marriage, that should be discussed up front.
- Create a Budget
Creating a budget and putting a plan into place is essential. Discuss who will be paying the monthly bills and be sure to set aside money for your financial goals. Try to work in some “fun” money here and there too, as that’s healthy for any new marriage (just be sure you stick to your budge).
- Set goals for your Married Financial Future
Some shorter-term goals might be something like a vacation or saving for holiday spending, while long-term may look more like planning for an upgrade on a car, thinking about starting a family or becoming home-owners. In addition to these items, you also need to include planning for retirement (even though that seems next to impossible at this point in your life!)
- Set a Minimum Threshold for Big Expenses
It’s important to discuss individual spending limits versus large purchase limits. There is no ‘right’ or ‘wrong’ amount, but find what works for both of you and stick to it. Most people prefer to not run every purchase by their spouse, but instead have found it wise to set a large purchase limit that requires mutual consent.
- Check in Often
Set aside a time at least once a month to visit your budget. You’ll want to discuss any upcoming expenses and any changes in circumstances. While there may not be much to talk about, it’s still a good idea to see where
you stand for the month.
- Update Account Information
As a newly married couple, be sure to update your accounts. You may need to update beneficiaries and even discuss your insurance coverage if you haven’t done so already. While this shouldn’t change often, you should
make sure this is current each year. You can check out Pennian Insurance for a quote on everything from homeowners to auto insurance.
- Consider Speaking with a Financial Advisor
A financial advisor may be helpful in getting you set up to meet your financial goals. We’d be happy to discuss your financial future. Stop in or call any office to speak to an expert or visit First Community Financial Consulting to see how we can help.
Last but not least, enjoy the newlywed stage, as with every stage in life, it will fly by!