Newlyweds: 6 Tips To Help You Reach Your Financial Goals
Assess your financial habits and goals to help start your marriage off on the right foot.
Move over, June. October is now the most popular month for weddings. But no matter when you marry, tying the knot means you’ll do most everything together, including managing your finances. This is why it’s important to create a financial road map that you can follow from day one—and for the long haul.
Consider these six insights and tips for starting married life on a strong financial footing.
Talk about your money feelings.
Ideally, you’ve had a talk or talks, well in advance of your wedding day, about your credit score, debt, spending habits and more. But what about other aspects of your financial personality?
Are you more frugal? Does your partner love shopping? What was the money situation like for both of you growing up? Being honest and upfront with each other about your financial habits is key to revealing how you’ll want to handle money as a married couple.
Set goals together.
Talk about the goals or milestones you want to hit, aside from your regular budget. Ideas include paying off debt, saving for a home, going back to school or setting money aside for retirement. See how you can plan investments that will match your goals, short-term or long-term.
Combine your finances. (Or don’t!)
While some couples choose to keep their finances separate, you may find it easier to manage bills and work toward money goals by combining yours. Discuss all accounts—you don’t want to hide any savings, stocks or credit cards from each other. You may also decide to have a yours-mine-ours approach. Find what works best for you and your partner.
Create a budget.
Plan your monthly and yearly budgets and expectations. You each may have different financial priorities—spending more on leisure or choosing to put more in savings—and setting a budget you both agree on can help remove financial stress and conflict. Work as a team, even if only one of you will handle the finances. And be sure to keep an eye on your spending and your accounts.
Start looking at insurance policies.
It’s not fun to think about what could go wrong, but considering insurance coverage at the start of your marriage is a good decision. Look into health, life, auto and disability insurance to see which plans make sense for you at this stage
Don’t forget to have fun.
Although money is important, you don’t have to be serious all the time. Make sure your finances allow for some fun. Get tickets to a sports event, plan on dinner and movie, take a vacation, or just buy a bundle of wood for a night in front of the bonfire.