Essential Money Tips for Newlyweds

If there’s one thing that can cause a lot of issues in a marriage, it’s money!  That’s why it is especially important for newlyweds to be on the right financial track, and to have the same mindset over all things involving money.

The best way to ensure that your marriage is going to last, and to help avoid any financial setbacks (that can lead to some pretty incredible arguments), is to sit down and have a real discussion about it.

To help you get started, here are a few essential money tips that every newlywed couple should keep in mind.

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Don’t Keep Secrets

Although you might be embarrassed to admit to your significant other that you’ve accumulated a fair amount of debt, it is even worse to not tell them at all.  You should also be honest about the amount of money you make, and how much of it goes toward any debt each month.

The last thing you want to do is blindside your new husband or wife.  It doesn’t exactly help build trust in a relationship, you know?

Is a Joint Account a Good Idea?

Some people are perfectly comfortable pooling their money together, while others prefer to keep their money separate.  There are good reasons for each, and you and your partner need to sit down together to figure out which option works best for your particular relationship.

If one person makes a great deal more money than the other, this can be especially important.  One person having tight control over money can lead to an imbalance in your relationship that is best avoided.

Learn About Each Other’s Financial Habits

Is your new partner likely to squander away their savings, or do they have the ability to say no to an exciting new purchase if they know they have a debt that needs to be paid off?

If they’re the type to do this, do they at least have a plan to ensure that they will be able to pay off any debts, and do they have a good track record of being able to do this?  It all matters!

Consult About the Big Stuff

If either of you plan to make a really big purchase, you need to be able to talk to each other about it first.  Although you had the ability to make this kind of decision as a singleton, you now need to include your new husband or wife since it can also affect them.

The best way to handle this is to have a discussion where you have a set money limit.  For example, if you plan to spend more than $300-$500, you can agree to let the other person know ahead of time so that they can give their approval.

Talking about this first can help avoid any major arguments later on if your significant other feels that the money isn’t being spent wisely.