When you are a newlywed, your world will be filled with a lot of love and excitement. So much so, that you might forget to take care of some of the more important aspects of setting up a life with someone you love, such as getting your joint finances in order.
Now that you are living as a couple and are legally bound together, you will need to organize your finances as such and budget accordingly. If you have previously only had to deal with solo finances, you might find that trying to arrange someone else’s finances along with your own is a bit of a challenge. However, these tips for budgeting for newlyweds can help you with your cash!
Be Open About Financial Goals
First and foremost, you both need to be very open about your finances with one another. After all, now that you are legally joint together, you are both responsible for your whole financial situation. So, if one of you gets into some financial difficulty, it is important that you are honest with the other – that way, you can both work together to improve things. It’s also key to discuss your financial goals so that you are both on the same page when it comes to saving and spending.
Consider Bank Account Options
Now that you are a couple, you will be able to open a joint bank account if you want. But just because you can don’t necessarily mean that you should – there are pros and cons that come with it. A joint account can help create trust in your marriage and it also makes it easier to track your money. However, separate accounts will give you some financial protection if you do end up filing for divorce.
Use Some Finance Tools
If neither of you is too hot when it comes to managing money, don’t worry. There are plenty of financial tools and software that are worth taking advantage of as they will really help to improve your overall finances. They will also give you a new way to view your finances as many of them shake up the traditional way we look at money. Whether you are thinking of setting up some investments for the first time or need some help getting out of debt, you will find some finance software that can help the two of you with all your goals!
Track Your Budget
It’s super important that you create a budget for the two of you so that you get a good picture of all the money you have coming in during the month. Using this figure, you can then allocate some money for bills, rent, and fun stuff. Budgeting in this way will prevent you from overspending. It’s crucial that you keep a track of this budget – don’t simply set it up and then forget about it. Our finances change from month to month, and keeping track of the budget can help you have a current overview of your finances.
Remember: happy finances equal a happy marriage!