Budgeting Tips for Newlyweds

Have you just returned from your honeymoon and are ready to start a new life with your new spouse? Congratulations to you. Whether you’re college sweethearts, met in the office or took advantage of the awesome deals offered by Groupon coupons and connected through eHarmony, you’re now ready to start living your happily ever after. In order for it to truly be a happily ever after, you need to be on the same page financially – both literally and figuratively. Follow these recommendations from the financial gurus to lay the foundation for a positive and cohesive financial future.

One of the over-arching reasons why new couples have relationship issues is due to differing financial views. Whether you have generous salaries or are at the beginning of your career, how you treat money and finances is so important. Do you turn every dime over before making a purchase and are thrilled at the sight of increases in your savings account? Would you rather spend every dime you make, and then some, than worry about the future so far in the distance? Neither extreme is healthy for the marriage or healthy for your financial present and future.

Experts resoundingly agree that for total financial trust paychecks should be put into a joint account. From this account, all joint bills should be paid. One of the most important bills to pay each month is that transfer to savings. Whether you are doing this through your employer’s retirement account options or would like to have an additional savings account equal to roughly three months living expenses, the key is to make these transfers consistent every month. Each partner needs to have their own financial freedom to make basic purchased without consulting the other. Agree to discuss purchases over a predetermined amount. Most important, be flexible, honest and forth coming. Never hide purchases or expenditures from your spouse. This can lead to serious trust issues and is simply wrong.

Follow these basic recommendations to build a strong financial basis and mutual understanding. Make savings goals together. Make large purchases together. The future bellows to the two of you and the financial decisions you make together will have a huge impact on the quality of your life and quality of your marriage.

 

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