10 Money Management Tips for New Married Couples
Being a newlywed can be an exciting period in two people’s lives. Young or old, those who have decided to take the plunge and get married will likely find their lives radically changed from when they were single. One aspect of life where this change might be most noticeable is in the area of personal finance. Love can conquer many things, but when it comes to finances, love and money are like two heavyweights slugging it out during the title fight. This battle can quickly extinguish that care-free, optimistic attitude that often follows marriage. Finding that you and your spouse don’t quite see eye-to-eye on financial matters can be a rude awakening. To help avoid money missteps as newlyweds, here are some tips, tools, and techniques that can help you and your partner better manage your finances together.
1. Have the ‘Talk’
If you haven’t done it before you got married, it is important to sit down with your spouse and discuss your finances and financial situation. But this conversation should involve more than just comparing checking account balances and leaving it at that. Discuss how you view money, the spending and saving of that money, as well as how your finances should be organized. Having this discussion early on can help avoid issues later in the relationship.
2. Divide and Conquer
During your money conversation, consider discussing the division of finances. Keeping certain finances separate is not necessarily a bad thing when you get married. For example, consider keeping a joint checking account for things like utilities, mortgage, rent, car payments, and similar jointly paid expenses, and then having an individual checking account for each of you to spend upon personal items. This can help keep things fair and avoid arguments about one person overspending ...
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