6 Financial Tips for Newlyweds
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Getting married is a fantastic time. It’s a time to learn each other’s habits, to learn to live together and to begin to merge your finances and create a plan for the future. However, when it comes to finances it can also be a challenging time. Everyone has their own idea about how to manage money and what priorities to set.
Here are 6 financial tips for newlyweds to help get started on the right foot.
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#1 Be honest with each other. This is actually important to do before you get married. If you have debt, let your partner know. If you have a poor credit, let your partner know. And discuss your financial upbringing, money habits and spending choices with your partner before your marriage. Springing a mound of debt on them once you’ve tied the knot isn’t a great way to start off your life together.
#2 Establish an emergency savings right away. Whether you decide to have a joint account as a couple or separate accounts, it’s important to have money set aside for emergencies. Not only to cover minor expenses like a new transmission, but also major expenses like unemployment.
#3 Pay off all debt right away. Once you have a bit in your emergency savings account, make sure to pay off all debt. Then you can begin to build your emergency savings account to cover things like unemployment. Saving for six to nine months of unemployment is recommended.
#4 Get life insurance. Bad things happen and in order to make sure your loved one is protected, get life insurance regardless of your age.
#5 Create a savings, investment, and budget together. Even if you have separate accounts, it’s important to create a plan together. Determine your joint financial goals and how you’re going to achieve them, and decide on your monthly budget.
#6 Make sure both of you are invested and responsible for your finances. Money matters are the most common cause for arguments, stress and divorce. Avoid this at all costs by being 100% up front with each other about your financial habits, goals and issues, and make sure that you’re both on top of your spending, savings and financial decisions. When one person controls the money it can unbalance the relationship. It puts the other person at risk if something happens to the person that controls the money or if the marriage breaks up.
Starting your life together can and should be a joyous time. Even if you both have different spending habits, financial goals and philosophies, there is a way to make it work. Be honest with each other, create a plan that works for both of you and forge a financial partnership for life.
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