Personal Finance Tips for Newlyweds

Personal Finance Tips for Newlyweds


With wedding season right around the corner, now is a great time to discuss personal finance tips for newlyweds. Although every marriage is unique, all couples need to decide how they will address money matters. Disputes regarding spending and saving have been known to derail many marriages - in fact, some studies find that money is the number one reason for divorce. To ensure that you and your new spouse are on the same page, we recommend discussing your finances early, often, and honestly.

Personal Finance Tips for Newlyweds

If you haven't yet, discuss important financial issues. What is your current financial situation? How will you manage your money as a unit? What will your financial roles be? What are your goals? Although we highly recommend discussing these financial topics before you tie the knot, if you forgot to tackle a few, now is the time to do so!

Decide how you will own assets. Will you create all joint accounts? Would you prefer to retain your individual accounts? Will you create a "yours, mine, and ours" arrangement? Although no way is the "right" way, we do recommend creating at least one joint account to use for joint expenses like rent/mortgage, utilities, home repairs, groceries, and date nights.

Be sure that both of you are involved. Although you might decide that one partner (the more reliable, on-top-of-it partner) should pay your bills and do your taxes, both partners should be involved in your finances. You should both review your accounts regularly, and you should always make major financial decisions together. Not only will this promote honesty and openness, but it will also ensure that both partners know how to tackle financial issues.

Create a firm budget (and follow it!). Especially when you're young and money is tight, it is important to know where your money is going. Create a budget that incorporates all of your necessities (rent, food, utilities, insurance, gas, etc.) and decide how much you would like to save each month (for your emergency fund and retirement). Then, subtract that amount from your income. You can use the remainder for whatever you like - entertainment, shopping, travel - but be sure that you agree.

Dream, plan, and set goals for the future. First, if you have debt, make a plan for paying back what you owe. Next, consider long-term goals like saving for a house, having children, and investing for retirement. To make this discussion a bit more fun, share your short-term goals as well. Would you like to travel somewhere in particular? Do you want to adopt a puppy? Are you hoping to update your laptop, TV, or phone soon? Discussing your goals and creating plans for the future will make it easier for you to stick to your budget and squirrel away money.

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In addition to the personal finance tips for newlyweds above, be sure to create wills, review your insurance policies, always discuss purchases over a certain amount ($50, for example), and find a credit union that works for both of you. Speaking of which, are you interested in joining a credit union? If you live or work in southwest Missouri, check out BluCurrent Credit Union. With our unbeatable loan options, 6,800 shared branches across the country, and fantastic customer service, we might be the perfect financial institution for you and your new spouse. To learn more about our services and benefits, please stop by one of our branches or explore our website.


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