Editor’s Note: June is wedding season, y’all, and that means lots of couples will be tying the knot, taking their honeymoons, and trying to get through that first year of marriage! I’ve written about newlyweds and finances before, and those posts always seem to get a good response since so many couples handle money differently. The best part is that everyone wants a strong financial future so please feel free to share your own financial tips for newlyweds in the comment section below!
After the excitement of your wedding and honeymoon dies down, it can be hard to face up to the more difficult decisions that await your life together. While talking about finances can be tricky, it’s an essential part of your future, and as such needs to be tackled head on. Here are 5 great tips for newlyweds to create a strong financial future together.
Make a Decision on Shared Accounts
Having shared bank accounts is a highly personal decision that not every couple will choose to make. Even after being in a serious relationship, many people wait until their wedding to take the plunge and join their bank accounts together. If you still want to retain a certain degree of individual independence, why not each have a personal account on the side for your own use. This way, the big bills and joint expenses are taken care of together, while you still both have the autonomy to make smaller financial decisions for yourselves.
Having a good budget is an essential step in ensuring the success of your financial future. This allows you to work through your joint income and expenses, and allocate your funds as a couple. Without a clear budget, it’s easy for small misunderstandings to start placing serious financial strain on your relationship.
Work on Your Goals for a Strong Financial Future
With your accounts and budgeting sorted, it’s important to sit down and work out your financial goals as a couple. Think about where you want your money to be going, whether it’s towards a home downpayment, buying a new car, or working off your previous debts. As a couple, you will be motivated to stay on track with your finances if you have a clear and realistic set of goals.
It’s important to be open and honest with your partner when it comes to your finances. Whether you are working to reduce your debt or are paying off your credit card, it’s essential that you tell your partner about it. Nothing is worse than feeling like the trust of your relationship has been violated simply because you didn’t feel comfortable disclosing your debt.
Seek Professional Advice
Sometimes it can be really beneficial to have the advice of a financial professional, so please don’t feel like asking for help means that you have failed in terms of your finances. In fact, it’s a step in the right direction. In the US, you can seek the help of debt consolidation specialists, a financial adviser, or an accountant. Abroad, you can use a team like Fox Symes if you need help with home loans, debt reduction, or even something as simple as budgeting advice.
While it might not be easy to talk about your financial situation, keeping your lines of communication open and honest will help you to secure a strong financial future. Essentially, talking about your finances is an integral part of any marriage, so it pays to start working together as early as you can!
Emma is a personal finance geek who loves to blog about a range of money-related matters.
What are your financial tips for newlyweds? Do you have a joint account with your spouse?