Getting married is such a happy time. Staying married, however, can be difficult, especially if you are not on the same page when it comes to financial arrangements. Now is the time to sit down with your other half and really discuss what money means to you both, how you wish to handle issues when it comes to your finances and also how you both want to make sure that you have enough money for your future. Follow our 5 financial tips for newlyweds and get your marriage off to the very best start.
1. Talk about retirement
Decide what you both want for your future. When would you like to retire for instance and where do you want to live when you do? Think about how you are going to make sure that you have enough money to make these dreams come true. You might need to start thinking about investing into a private pension plan so that you can be sure to save enough money. Make a realistic budget so that you can work out what you can realistically afford to save towards your future but make sure that you live now too.
2. Really look at your current finances
Spend some time going through your finances as they currently are. This is the time to be really honest with each other, doing so could prevent problems from occurring further down the road. Does one of you have debt or do you have spending habits that are a bit out of control? Now is the time to confess and to talk things through so that you can make a plan to move forward as a team.
3. Set financial responsibilities
As you go through your finances spend some time thinking about how you want to manage your budget together. Will one of you have responsibility for monitoring your budget or will both of you have access and keep an eye on things? Will you have a joint bank account or have separate accounts and split the bills between you. If you take the latter option, who will pay for what and how will you handle incidental spending such as going out to eat or picking up emergency groceries from the store. If you make these decisions and stick to them it can prevent resentments sneaking in later on down the line.
4. Think about insurance
Nothing is more testing on a marriage than money troubles. Whilst you can’t prevent every mishap that could erode your savings or ruin your financial standing you can protect yourselves from some situations. Have a think about what insurances you might need. Critical illness protection or disability insurance, for instance, might be a lifesaver for your marriage should the worst happen.
5. What about your assets?
This is another one of those difficult conversations that you need to have to ensure that you are both clear on your position. If one of you, for instance, brings more into the marriage in terms of assets, will you retain possession of them or will they belong to you both? Be up front with each other and decide what belongs to each of you so that you both know where you stand.