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After the excitement of a wedding and honeymoon has settled, it’s best to tackle financial planning as soon as possible. While discussing finances with your spouse, it’s important to be upfront so you are able to create the best plan for your lives together. Refer to the following tips for discussing finances with your new spouse.
Finances Tips for Newlyweds:
Discuss Habits and Set Goals. By discussing past financial habits both partners will be on the same page when it comes to the others’ spending. Decide as a couple what your financial goals are for the future. Discuss what your financial priorities should be.
Set a Budget. While creating your budget, consider money for emergencies, a short-term goals like a vacation or down payment, and a long-term goals like college or retirement. Track your spending for necessary costs and optional costs for at least a month to get an idea of a reasonable budget.
Discuss Bank Accounts. As a newlywed couple there are many options when it comes to setting up your bank accounts. You and your partner could make a joint account, a joint account in addition to separate accounts, or two completely separate accounts. Couples with vastly different spending habits may opt to have completely separate accounts to avoid arguments over a joint account.
Stay Updated. One partner should choose to pay the bills but the other partner should be updated on all bills and expenses. If you set a time to discuss expenses, both partners will be on the same page. Set an amount where you must always discuss the purchase if you want to spend over the limit.
Call a Professional. Hire an accountant or a financial planner to help you decide the best way to file your taxes as a newlywed couple. Be sure to have the professional help you update your beneficiaries, health care proxy, will, and insurance policy. You’ll want your spouse to have the authority to make any important decisions in the event you may not be able to.
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