Getting married can be a very exciting time in your life. You move in with the love of your life and begin building and sharing a life with them. Many people fail to realize just how much of their life they are sharing. It is much more than a bathroom and a bed. When getting married, newlyweds should seriously talk about their finances. Money may not be everything but it is important, especially for married couples. Take a look at some budgeting tips for newlyweds:
Have the Conversation Early
Talking money should come way before discussing who takes out the trash. This conversation needs to be had prior to walking down the aisle. It’s important you discuss each of your savings, any debt, credit scores, and where you see yourself financially in the future. This way you have an idea if you are both in the same financial realm or on opposite sides of the world. It will give you both a good start and foundation for your financial future together.
Combine Your Finances or Not
Another money talk you need to have before getting married is whether or not you are combining your finances. Every couple is different and the decision to combine your money is a personal one but needs to be made early on. If one partner believes they are combining but the other does not want to, this is a spell for trouble. When you decide to keep individual accounts, make sure to have one shared account for the recurring household expenses like mortgage rent, or utilities. If you decide to combine all your finances, set clear ground rules for the account.
Budget as a Team or Not at All
As newlyweds, you are now a family. Families work together towards their common goals. If you each have different ideas of your financial future, budgeting together will not work. Money isn’t everything, but it is a serious cornerstone of every marriage. You both need to have an understanding and the same idea of where you want to be financially in the future, how much you are saving, what debts to pay off first, and even spending money for rainy days. Handle the budgeting together as a team to have a stronger future and a better financial standing.