Personal Finance Strategies for Newlyweds

30
March

After spending much of your life relying on your parents to take care of finances, it can be nerve-racking to have to deal with your finances yourself, and when you get married, you will have to deal with taking care of the finances of two people. Even if you have plenty of experience dealing with your own finances, being married can be a lot different. Check out these tips to help you during your first years of marriage.

Communicate

Communication may be the number one important aspect of a healthy marriage. Since you now share finances with your spouse, you will have to keep track of both partners’ income and the money that you both spend. For most couples, finances work best by having one person keep careful track of income and spending and by creating a financial system that both people can easily work with. One of the easiest ways to keep track of combined finances is to open a joint account or add your spouse to your already existing bank account. This will allow for easy access to money by both people and it puts all of your money in one place for simple management.

Discuss Your Debt and Credit Histories

It is important to know what type of debt and credit the other is bringing into the relationship. Not only will this keep you from running into surprises later on down the road, but it allows for easy planning on purchases large and small. If either partner is bringing a substantial amount of debt into the relationship, attempt to pay off this debt as soon as possible and try to avoid large purchases. Additionally, try to minimize the amount of credit cards that each partner has, as to avoid debt. If you are unsure where to start with eliminating your debt, debt consolidation companies can provide you with tips and advice, as well as negotiate with your credit card companies to help get rid of debt.

Review Your Insurance

If you don’t already have insurance coverage on commonly insured items, such as your car, health, home, or life, you may want to consider researching different companies and signing up for an insurance policy. Because insurance is an important part of finances, it is something that should not be ignored once you get married. If you already have life insurance, be sure to name your spouse as your beneficiary as soon as possible if you plan to change this information.

Create a Plan

It is important as newlyweds to both know what is going on with the finances in the relationship, so it is a good idea to discuss a financial plan. With this, you can set weekly or monthly budgets based on your income and needs, as well as discuss how you will pay off debt, what is acceptable to spend extra money on, and how you will go about saving money. Even if you feel like you can barely scrape by on the income you receive, setting aside a small amount of money here and there can have huge benefits. It is important to have an emergency fund, especially as a couple, in case of car repairs, if someone loses their job, medical expenses, or other emergencies that may arise. By communication and creating a plan together, you can more easily budget your money, stay out of debt, and build a stronger relationship.

This post was written by

jason – who has written posts on Budget Clowns.
Father of three and married to a lovely women. Always looking for ways to save money, and invest it properly for my children's future.

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