Money is an important subject for married couples. You can get your marriage off to a good start financially by talking about how you’ll handle your finances. Then, do a few things, like make a budget, and you’ll have set a good foundation for moving forward as newlyweds.
Budget
Having a budget is very important, as you are sharing expenses. So, as a couple, you’ll want to have some agreement on what those expenses will look like, and who is responsible for paying for them.
You can start the budget process by writing down your shared expenses. Use our Budget Worksheet to help you. Also, write down your individual expenses. Then, determine how, as a couple, you will pay for the shared and individual expenses.
Some couples prefer three accounts, one for shared expenses and one account for each spouse. Some couples prefer two accounts, one for each spouse, from which they arrange to pay for the shared expenses. Other couples have just one account from which all expenses are handled.
Talk about Finances
During your marriage you’ll have many discussions that are focused on finances. You’ll be planning to pay for major purchases or experiences.
Some of the discussions will be disagreements. You’re both not going to agree on everything. So talking will allow you to get your spouse’s perspective and will actually get you to know your spouse better, if you truly listen to what they are telling you.
Talking about finances will help to establish and define your goals. These discussions will help you find mutual goals and desires. And that’s a good thing.
Studies show that debt is an important financial variable that can affect the happiness in your marriage. Couples that pay down their debt, rather than increasing their debt, are happier. So, as you do your financial planning and budgeting, plan to pay down your debt. And plan to save. Couples who accumulate wealth and assets during their marriages are happier than those who do not.
Share Financial Responsibility
In your relationship your finances are shared. Your financial responsibility is shared. So it becomes important that both of you know what’s going on.
It’s important that both of you know what your assets are as a couple. Each person should know enough about the finances so that if something happened to the other spouse that person could step in and keep the financial wheels in motion.
You may want to sit down once a month to share what’s happening with the income, expenses, saving plan or debt pay-off strategy. Or, you could switch off and take turns with some of the financial chores.
Each of you should make a special effort to make sure the other person is fully informed.
Financial Housekeeping
Check to be sure you’re not paying for duplicate insurance coverage if you each have it separately through work. If you both have policies determine how you will handle coverage going forward.
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