How To Easily Manage Your Finances After Marriage
Our top 7 tips for developing your financial plan after "I do"!
Read on for the ways to make your post-marriage money conversation short, sweet and completely effective.
Define Your Goals
Whether your shared goal is to pay off debt or save for a big-ticket purchase, syncing your spending and saving is necessary for all newlyweds.
Answer These Questions:
- What are our combined monthly earnings?
- What amount do we both have in savings, stocks and bonds?
- What types of accounts are we going to open and where?
- Are there major purchases we want to start saving for or buy immediately?
- What are our long-term goals and what will it cost us to reach them?
- How much do we need to start saving now to reach the goals we've set for ourselves?
- What monthly expenses do we have? (Food, rent, clothing, school loands, etc.)
Set Up A Joint Account
You don't have to merge all of your money into one bank account, but joining a portion of your earnings may be smart. This account can be the means for paying joint expenses, from life insurance to the splurge on that killer couch.
Meet in the Middle
If the rigid savings plan you developed will force you to unwillingly brown-bag lunch until retirement, change it. No matter how much you want that house in two years, being unhappy in the meantime adds unnecessary stress.
Designate A Book Keeper
Assign one person to be responsible for the finances. That person will make sure all the bills are paid on time, the checkbook stays up-to-date and receipts are stashed in one convenient place.
Keep A Disposable Income
Every budget should include a disposable income, whether it's $50, $500, or $5,000 per month. You need to have fun during the savings process!
Hire A Pro
An accountant knows tax laws and can help you strategize for the big picture as a married couple. Meanwhile, a financial planner works with you to create an investment plan based on your goals. They can help you build wealth and outline long and short-term options.
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