4 Essential Financial Tips For Newlyweds

newlyweds

Being newly married is exciting, but the transition from single life to married bliss can be a bit stressful. Marriage means combining your life, home, and budget with another person—use the following financial tips to make the transition easier.

Communicate With Your Spouse

Communication is an essential part of financial success. You don’t have to get permission from your spouse every time you buy a cup of coffee, but you do need to communicate about your general finances.

  • Decide who will be responsible for paying bills like utilities, car payments, and rent. You don’t want to miss a due-date because you thought the other person was taking care of it.
  • Talk to your spouse before making major purchases like a new computer, sofa, or big-screen TV.
  • Have a conversation about your respective incomes and liabilities. Be completely honest.
  • Talk about your spending habits. If there are major differences, work on compromises together.
  • Set financial goals together. Talk about short term goals like paying off credit cards and long term goals like owning a home, retiring, or paying for your children’s education.

 

Evaluate Every-Day Expenses

Combining your lifestyles will change your every-day expenses. Don’t count on everything simply being double what you spent before. For at least a month, track your expenses closely. Pay attention to what you spend on groceries, fuel, entertainment, eating out, clothing, and household goods. At the end of the month, sit down together and evaluate your spending. This will help you set a budget and find places to reduce expenses.

Account For All Debts

It is important to stay on top of all your payments after you are married. Talk to your spouse about your debts and make sure you both know how much is owed, then decide on a payment plan. You may end up paying debts separately, or you may be able to consolidate some payments, but either way, it is important to account for everything.

Invest In Insurance

Don’t risk going without insurance. Unexpected accidents, emergencies, or illnesses can affect anyone. Talk to your spouse about medical insurance, car insurance, life insurance, and renter’s or home insurance. It is important to know what coverage you have as an individual and as a couple. You may be able to add a spouse to your health insurance to reduce costs, or you may find you need to increase your rental coverage to account for your additional property.

Keep the above tips in mind to avoid unneeded stress and conflict in your happy new union. Communication and planning can help you and your new spouse plan a path to financial success.

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