Once you get married your financial situation changes. Now you have a spouse, a second income, and more expenses. There are new money management rules when you get married. Here are some money management tips for the newlywed couples out there.
First of all, you have to talk to each other about money. It may seem uncomfortable and you may not want to do it, but it is necessary. If you talk about money and work on the finances together you will have a better financial future together than if you did not talk about it and work on the finances together.
Together you and your spouse need to decide on financial goals. You should sit down and take some time talking about them. Then write them down. You should also right down how you plan to reach these financial goals. Spend time regularly to review your goals and make sure that you are still on track to reach them.
You and your new spouse need to talk about bank accounts. You both probably have your own either at the same bank or different banks. You need to talk about opening up a joint account though. You will need to decide what bank you will use and if the person whose bank is not being used, will they move their account or keep it there? These are all things that you need to talk about and work out.
Together you should be working on building an emergency fund. If you both have your own emergency fund you need to talk about if you are going to combine them or not. If you are then you will need to decide what bank you will have the new account at. If you do not want to combine them then you need to figure out if you will open a new joint one while still having separate emergency funds.
You should have weekly money meetings, not forever, but at the beginning. Talk about what money was spent and if it should have or not. Talk about different ways to cut back. There are many, many things that you could talk about; the important part is that you are talking about money.
Work together to save for retirement. You both will want to have a comfortable retirement and if you work together to save you can have much more for retirement. If you both already have your own retirement savings accounts, then you need to talk about if you are going to combine them, or keep them separate and start another joint one.
You need to work together to get out of any debt that either of you have. The sooner you get out of debt together, the sooner you will have financial freedom together. The best way to deal with debt is to work together to get rid of it.
When you are a newlywed you will suddenly find that your personal finances are different, that they include someone else now. Work together and make sure that you are working toward common goals. If you stick together you should have no problem reaching financial freedom.
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