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Personal Finance Tips to Get Newlyweds Started on the Right Track
When you get married, your personal finances are probably not the first thing on your mind. However, it is important to start your marriage right and get your money matters on track. You want to ensure that both of you can either maintain your good credit or work toward achieving. This will be critical in the future when you want to purchase a home, new cars or even finance a vacation. Financial gurus, such as Don Gayhardt, offer sound advice. There are other tips too that are beneficial.
Know Your Credit Scores
This is important and both of you want to run your credit, get a full report and get your scores. Do this before you even need to apply so that you know where you stand. This is advice from those with extensive experience in personal finance, such as Don Gayhardt. If your scores are a bit lower than you expected, you can use the information on your reports to start making the necessary repairs. When you are diligent, within your first year of marriage, both of you can increase your scores.
Agree to Never Hide Your Spending
You are sharing the money now and it is imperative that you both know where it is going. This does not mean that you have to tell your spouse about every cup of coffee or pack of gum you purchase. However, it does mean that all financial decisions should be made as a team and no spending should ever be done in secret.
Set an amount where you will agree to ask each other permission before spending. This helps to keep your finances transparent and it ensures that you are able to trust each other which is an important element in a marriage.
Discuss Your Financial Goals
When you are married you share everything and this ensures any personal financial goals. For example, if you want to purchase a home within two years, this is something that your new spouse needs to know. It is also important to disclose your personal financial situation if you have not already so that your spouse is aware and can help you make improvements if this is necessary.
Pay Your Bills Together
There are times when married couples allow one spouse to handle all of the finances. While this can certainly work, it is best to not do this as soon as you get married. Make sure that you are sharing the financial responsibilities and that you are both aware of the household budget and where money is being spent. This ensures that you are both spending responsibly and that no one feels left out of the major decisions. You can choose to simply split all bills or you each agree to pay certain ones.
Organize Your Finances
You will not be managing your money together, so you want to make sure that you are well organized as a team and on an individual level. Some ways to do this include listing your shared assets, ensuring all paperwork is updated with your married name, planning your mutual savings, starting a budget and determining how to handle any debt. Ideally, you want to get this out of the way within your first month of marriage. Once everything is organized, it will be much easier to keep up with it in the future.
With this information, it makes it a bit easier to ensure that your affairs are in order in terms of your finances. It also reduces the risk of money issues causing a fight. Just keep track of your expenses and ensure that you are living within your means to keep your personal finance profile positive.
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