Home Budgeting Finance Financial tips for newly-weds – Doing the ‘Money Talk’

Financial tips for newly-weds – Doing the ‘Money Talk’

We often promise to our spouse, “For better or for worse, for richer or for poorer” while getting married. But how many of us live up to this pledge in a marriage? Unfortunately, the majority of couples fail to survive either richer or poorer due to bad money management skills. Some couples stick to their personal way of handling money which might or might not match with your spouse’s. Some spouses even cheat, lie and overspend and this leads to all the mistrust in the relationship.

There is always hope for you but you need to take immediate actions. Money management can be rewarding to bond with your loved one. Here are few tips that the newly-weds can take into account if they want to keep a tab on their finances.

Keep talking about your finances:

Before marriage, it is best to talk with your spouse about your finances as soon as you can. You will need to discuss the accounts that you have and how much debt you can carry. This will also clear up how much money you can expect to be handled. Inform your spouse if you anticipate him to discuss purchases that are above $100 and ensure both of you have a good understanding.

Write down the financial goals you share:

Once you’ve determined your current financial status, discuss the long-term goals as well and plan the right time to retire. Which of the financial goals do you share? Do you both believe in sticking with a budget? Do you both believe in both of you working or on a one-income family? The more goals that match with each other, the better will be your chance to achieve success.

Build emergency funds together:

If you already don’t have an emergency fund, make it a top priority task. The money is set aside in case something costly happens like a family illness, a lost job or natural disaster, or a home repair. Save up to 6 months of your household expenses so that you can keep spending money even when there’s an emergency.

Have money meetings in a week:

When you have weekly meetings on the money with your spouse, this can help you both stay on track. While you both sit for meetings, discuss how your budget would look for a month. If there are approaching bills that you pay, how should you manage the financial goals and everything else related to money? Such meetings are usually great as they strengthen communication within the spouses and increase the level of trust.

Save enough for retirement:

Whether you’re married or not, you always need to ensure you have enough to keep going in the long run. You need to save for your retirement and in case you work with a company, you should definitely save money in your workplace retirement fund as that is the best way of securing your golden years.

Ultimately, whichever steps you follow, you should never stay in debt. Whenever you accumulate debt, be sure to take immediate steps to repay the debt amount. The more you stay in debt, the harsher will be the impact on your credit score.

Image source: https://pixabay.com/en/fall-hurricane-money-finance-163496/

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