It is becoming more and more common to see people become engaged or soon to host a wedding. It typically becomes a topic in my friends’ circle of how to handle finances as we learn to become a family unit with our partners. Below are some helpful tips that I would like to share with you!
Couples should consider talking about their financial goals, memories, and habits because each may come into the marriage with fundamental differences in experiences and outlook that will drive their behaviors.
Setting goals establishes a common objective that both become committed to pursuing.
3.Create a Budget
A budget is an exercise for developing a spending and savings plan that is designed to reflect mutually agreed upon priorities.
4.Set the Foundation for Your Financial House
Identify assets and debts. Look to begin reducing debts while building your emergency fund.
By sharing the financial decision-making, both spouses are vested in all choices, reducing the friction that can come from a single decision-maker.
6.Set a Minimum Threshold for Big Expenses
while possessing a level of individual spending latitude is reasonable, large expenditures should only be made with both spouses’ consent. Agree to what purchase amount should require a mutual decision.
7.Set Up Regular Meetings
Set aside a pre-determined time every two weeks or once a month to discuss finances. Talk about your budgeting, upcoming expenses and any changes in circumstances.
8.Update and Revise
As a newly married couple, you may need to update the beneficiaries on your accounts, reevaluate your insurance coverage.
9.Love, Trust, and Honesty
Approach contentious subjects with care and understanding, be honest about money decisions you know your spouse might be upset with, and trust your spouse to be responsible about handling finances.
10.Consider Speaking with a Financial Advisor
A financial advisor may offer insights to help you work through the critical financial decisions that all married couples face.