Financial Guidance: The Moves Newlyweds Need To Consider For Their Money

Starting a new life together has many challenges and many exciting times. To ensure that your relationship continues to grow, start your marriage off by making important money decisions together. Sharing the responsibility and decisions equally is the way to build harmony. 

  • Develop a long term plan: Discuss and decide upon a course of action from the type of house to buy to the types of vacations you want to take. From these goals, develop plan to achieve them that are realistic.
  • Divide the money tasks: Besides sharing in the decisions, also share in the responsibility of the household financial tasks. This might only require being supportive and recognizing the work of your spouse, but it is important.
  • Talk regularly about financial matters: Besides talking about important decisions, also share progress on goals and the current financial situation. Without full knowledge it is difficult to have meaningful input on decisions.
  • Build a monthly budget: The best way to avoid money conflicts is to build a budget together and then use your budget as the primary tool for making important decisions. This tool helps keep long term goals in focus.
  • Compromise: You and your spouse will not always agree on the best course of financial action. The key is to both be willing to compromise and find common ground to move your family forward financially.
  • Save for fun: Don't make your entire financial life about future plans. Save so that you can regularly have fun with vacations, special purchases or whatever else you can enjoy together.
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