8 Financial Tips for Newly Married Couples
When you get married, you also marry your new spouse’s finances. You have different spending styles, different styles for managing money, and different ways of looking at the world, and that can make things tricky! By following these 8 financial tips for newly married couples, however, you can get your financial lives and your marriage off on the right foot.
1. Have a conversation. Sit down and discuss your expectations for finances during your marriage. Will you set a spending limit for purchases that can be made without consulting each other? Do each of you have a certain “fun money” amount that you can spend? Talk about it early and often.
2. Develop long-term financial goals. Do you want to be homeowners sometime in the next few years? Are kids in your plans? Discuss those long-term financial goals to make sure you are on the same page.
3. Write a budget. A budget isn’t limiting. In fact, it’s freeing! With a budget, you know how much you have to spend, so you aren’t sweating over money each month.
4. Be realistic. It’s tempting to shell out money for expensive date nights, vacations, and other big-ticket items with the theory that “you only live once.” Learning to moderate your spending, however, can keep you on the right foot financially.
5. Don’t argue about money. You can discuss it. You can even agree to disagree about minor points. Arguing about money, however, will just drive a wedge between you. If discussions start to get heated, walk away and revisit them later.
6. Set up a savings account. Ideally, 10% of your combined income should go into the savings account every month.
7. Hide your credit cards. If you are tempted by impulse purchases, try freezing your credit cards, hiding them, or putting them in your spouse’s hands instead of yours. You will still be able to access them in the event of an emergency, but you won’t be able to get to them for an impulse buy.
8. Pay down debt first. If you have high debt from your wedding or honeymoon, get it tackled as soon as possible. The less debt you have, the more freedom you have to spend your current income the way you want.
Getting started as a newly married couple can be challenging. Finding ways to agree on the big financial decisions is hard, and it takes time to develop a system that works for both of you. Finding yourself a little short on cash and need a short-term loan to help sort things out? Contact us today.