Okay, you’ve taken your vows, the last of the rice has been shaken from your hair and you just got back from your honeymoon.
Now real married life begins and you want to get it off on the right foot, right? Here are the top six financial tips for newlyweds.
1. Our Lines Are Open
I’ve yet to hear of a relationship that lasted without communication. Never forget that you are now life partners and need to discuss, well, just about everything. Financial matters should be near the top of this list. Make sure you are both on the same page when it comes to how all your money is spent.
2. From Debt Do We Part
A long engagement is a great way to get to know your future spouse, but it can also give you both a chance to settle the dust of your individual financial affairs. If you both have debts, pay them before you walk down the aisle or you might find creditors tugging on that bridal train.
3. There’s No “I” In Couple
Newlyweds? Welcome to the Joint! By that I mean consolidate your finances. It’s time for joint accounts right across the board. With money, there should no longer be any ‘mine’ and ‘yours.’ Only ours. And with the responsibility for using this money wisely resting equally on both shoulders. Marriage is about sharing: one’s life, one’s heart, one’s mind and all of the burdens life places on us.
4. Where There’s A Will…
If you do not have a will, now’s the time. Love may be forever, but we don’t live that long. Barring an accident, one of you will shuffle off this mortal coil first, leaving the other to carry on. A legal, binding will is essential in helping the surviving spouse do so. Now you don’t have to draw this up on the honeymoon, but put it on your “to do” list for sooner rather than later.
5. Be A Couple That Means Business
It’s likely in this day and age that you’ll begin life together with a shared hobby: penny-pinching. This is a good hobby to have though it may not be as fun as, say, skydiving. Living within, or even below, your means at first is a great way to set up good spending habits that will survive as long as the marriage. When those car, mortgage, private school payments come due down the line, you’ll have a solid grasp on your finances.
6. Royal Wedding
If you’re a celebrity or come from wealthy families, I hope you both enjoyed the royal wedding you staged for yourselves. However, if you’re regular folk, then I hope you’ve skipped this step in favor of a wedding you can afford. Most couple begin their lives together in debt after staging a wedding even the paparazzi would feel out of place at. If your wedding is coming out of your pockets, then know ahead of time what you can and can’t afford. Spare the chintz not the sentiment.
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About leben
These are some very good tips for newlyweds. I checked out this post because I was recently interviewed about five relationship tips for newlyweds (as I am one myself).
I’d include another one — make sure to discuss big purchases before buying. For some, that means anything over $100, others $500, etc. Whatever your definition is, it’s important to discuss beforehand to avoid surprises. Communicate, communicate, communicate — it’s what I stress with the couples I work with.
I’d also amend one of your tips; I’m a big believer in creating a joint bank account but also maintaining an individual account. It’s symbolic of marriage — we are now together, joining forces, but also maintaining a sense of independence.
Regards,
David