Financial Tips for Newlyweds

Financial Tips for Newlyweds

On the lead up to your wedding day and as newlyweds, you may start talking about finances and how they will work once you have both exchanged vows. It doesn’t matter what your financial background is; you’ll be able to start fresh and get a joint bank account (if you want too!). Talking about finances will ensure you’re ready for all the bills and extras you both will have to pay when you become married. Our list of financial tips for newlyweds should help you on your way to success!

Take a look at numbers

If you have chosen not to keep your wedding to a budget (forgetting those cheap wedding dresses!), then you may have to take a look at the numbers you’re currently working with. This includes current salaries and any savings you may both have. Working out the numbers will ensure you know how much you can save every month going forward. It’s not easy to work out all of your incomings and outgoings, but it will be worth it.

Set financial goals

Let each other know what you want to achieve every month and throughout the year. Maybe you want to save $200 a month towards something special, or you want to put more money towards the house you’re letting. Setting goals will give you something to work towards which is always great and will keep you motivated even in the toughest of months.

Move on from the wedding

You may have spent upwards of $10,000 on a wedding dress of your dreams but let’s be real, wedding dresses are expensive. Don’t dwell on the expenses paid for the big day. It was a great and memorable day everyone (hopefully) loved. Start looking towards what you can do to start saving again rather than staying in the past.

Share your financial history

If you have ever been in trouble or been in debt before, make sure your spouse knows it. There is nothing worse than keeping secrets from someone you love. Being open about your past issues is important as they may affect your chances of things in the future. Debt can affect your likelihood of getting a mortgage or letting a house/apartment. Your new husband or wife is sure to be happy about helping you sort out anything you need.

Track your progress

After a few months of saving and sharing your money between both of you. Track how it is going, make the changes if they’re needed or keep it the same if all is going according to plan. If anything is completely out of place, or not as expensive as you think, make sure to change this in your plan. Perhaps if you see money pile up in your bank balance, you could start saving more towards a holiday you both would like.

Keeping on top of your money successes is only sure to bring you more happiness within your marriage. Money is a key element that can either destroy or bring together relationships, so it’s important to keep everything in shape.

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