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Money tips for newlyweds

Published: 
Sunday, January 14, 2018
Beyond Payday

The joy of saying “I do” is one of the happiest moments in a couples’ life.

When two become one, the responsibility to look after each other involves more than just a verbal commitment, but real attention and care to each parties’ needs.

Quite naturally one of these areas is the realm of personal finance.

Here are a few tips for newlyweds to consider when it comes to managing their money

Set your financial priorities

Just because a couple chooses to get married does not mean that their financial goals form a similar union as well.

For instance, one party may desire to purchase a property to live in, while the other may see educational advancement as a path to be pursued.

Naturally, both have financial implications, and only by laying these out can a young couple determine what resources would be required to achieve those goals.

Team up to save

One of the immediate issues a newly married couple will face is the area of saving. Much debate exists around the sharing of savings accounts by couples and ultimately it is a personal decision that each married pair will have to face. That said, just as “two heads are better than one” sometimes, newlyweds saving together can lead to the fulfillment of shared life goals faster.

The key really lies in the spending and saving patterns of each member and whether they believe teaming is up a better option than going it alone.

Know when to ask for help

Few individuals come out the womb equipped with the ability to manage money well. In fact, for most it is a skill learned through trial and error. The same can be true for newlyweds. Seeking professional advice when individually or collectively a couple lacks the ability to manage their finances is oftentimes the prudent way to go. Benefitting from the wisdom of professionals most times has no downside.

Assign roles

As with any team, each member will have different strengths and weaknesses. It’s no different in marriage. Determining clearly who should be responsible for what can go a long way for sound money management for newlyweds.

For instance, if one party is better at, or has a history or knowledge of saving and investing, then perhaps it may be wise to assign that party oversight of treating with financial issues in the relationship. Clearly outlining where each member can best contribute is often times a critical aspect of personal financial management in a marriage.

Knowing each other

Financial success in a marriage requires communication and a clear sense of both our selves and our spouse.

Once approached with the right attitude and spirit, newlyweds can put themselves on the path to a solid financial future while maintaining their ability to live well beyond payday.