Congratulations! As you begin to build your life together, make sure you talk about money. Ideally this should be done before you “walk down the aisle”. Be aware of your financial situation, as the number 1 thing that causes arguments between couples is money related so it’s best to always talk about it and get on with building your life together.
Set A Budget
Setting up a budget is never fun but very necessary. It helps you plan your short term and long term goals and keeps you both on the same page.
Deal with Debt
Debt is something that most people have and the thing most people hate. Your individual debts are now “household debts” so work as a team and tackle it together. Remember, you now have two incomes contributing.
Choose your Accounts
Decide on how you want to set up your financial accounts. It could be a joint account, separate account or a combination of the two.
Designate Bill Responsibilities
Designate a person who will be in charge of paying the bills. While the other should check on what’s happening regularly. Keep it transparent!
Set Up An Emergency Fund
There’s still other goals that need to be saved for, like an emergency fund! This fund will be very important when the need arises.
Set Some Goals
Think about what your financial goals are, both long term and short term. Where do you want to live? Do you want kids? How often do you want to travel? The list goes on!
Stay out of Unnecessary Debt
Work out an effective plan on how to get out of debt and avoid unnecessary debt.