For engaged couples, starting research on financial tips for newlyweds is a fabulous idea! So many married couples start out simply excited to be married-and that’s great! But money is a big part of married life and creates issues if you don’t start out planning your financial security right away. Read on to learn my financial tips for newlyweds!
1. Create a Budget
This might be the most important of all financial tips for newlyweds. When my husband and I first married, it never occurred to either of us to create a budget. Our bank account quickly suffered for it! Create a working budget right away, and don’t forget to prioritize bills and necessities over wants and leisure spending.
2. Don’t Jump into Unnecessary Debt
When you first get married, it’s easy to feel like you need everything your neighbors have. Don’t jump into debt in order to furnish your home! Start out with the absolute basics, and slowly add on. You will likely receive many gifts and even money from well-wishers, so put this money towards household items you want to buy.
3. Decide if You Want to Merge Bank Accounts
Many married couples like to merge their bank accounts since it just makes more sense and is easier. But that’s not the only way to do it! If you want to keep separate bank accounts, it might be a good way to have backup money in case one of you should overspend accidentally.
4. Always Be Honest
Money can cause the biggest problems in a marriage if honesty isn’t the number one policy. Don’t hide financial mistakes from your spouse. Be honest when you make big purchases, and keep an open mind to each other’s opinions on spending versus saving. What’s important to you may not matter to your spouse or vice versa, so be sensitive to one another.
5. Have a Savings Account
Starting out married life without a savings account is a bad idea. Even if you can’t afford to put much in right away, over time it will begin to grow if you continue adding to it. An emergency fund is another necessity.
6. Get Insurance
If you don’t already have insurance, you should probably get it after you get married. Medical catastrophes, car wrecks, home invasions-these are all ugly possibilities and you don’t want to let life catch you unprepared. Insurance is a monthly bill, so prepare yourself for that extra cost. It will be worth it should you need it though!
7. Live within Your Means
Of all the things I would love to stress to newly married couples, this one takes the cake. Living within your means is never easy, but when you can learn how to balance your spending versus your income, you will be much happier. The stresses of married life can sometimes be attributed to money difficulties, so the sooner you learn this tip, the better for your marriage.
8. Compare Spending Habits
Are you a spender or a saver? What about your spouse? You should talk about setting spending limits each month that you can both be happy with. Leaving a little wiggle room in your budget is always great. Learn to give and take equally, and compromise a little with your money habits and standards. No two people are exactly alike in this financial area.
9. Decide Who Will Be in Charge of Financial Matters
Here is my final financial tip for newlyweds. Establish who will be primarily in charge of paying bills, budgeting and keeping up with all things pertaining to money. Perhaps you will do it together! I take care of most of the financial things in our house, simply because my husband doesn’t like to keep up with it.
Being newlyweds, the first thing on your minds probably won’t be finances. But I hope this article will help open your eyes to a few of the things to iron out right away so you can avoid tension and money difficulties down the road. What are your tips for newly married couples concerning money?