Financial Tips for Newlyweds

posted in: Blog, Financial Tips 0

new couple, wedding, champagne glassCongrats to all of the newly married couples! You survived the intense wedding planning and signed the marriage certificate, but that’s not where the work and the planning stops. You’re just getting started! Now’s the time to put in the work to build a happy new life with your spouse, which means getting serious about your finances. We want you to be as successful in your marriage as your finances, so here are three financial tips for newlyweds.

 

  1. Communication. Talk about money. We know that it’s pretty taboo to talk about money and it’s mainly due to the emotions and assumptions associated with it. Emotions and egos aside, you and your partner need to lay it all out on the table and get into the habit of having those money talks frequently. As your life together begins to unfold, you’ll likely encounter situations that involve money. The more you know about where you and your partner stand financially, the better you can prepare for things that come your way.
  2. Start Planning Now. You’re all settled in and ready to start living happily ever after. But before you start getting too comfortable, lay out all of your bills and plan how you want to tackle paying them moving forward. After you have that set, you’ll want to consider taking into account how much you can save for emergencies, vacations, etc. Consider creating multiple savings accounts so that you know which account is for what, like one strictly for emergencies and one for vacations. It can also be helpful to create a set of parameters around your accounts like not taking money out without informing the other. Building trust around finances will make things easier in the long run.
  3. Talk to a Member Advisor. Did you know that 70% of married couples fight about money? Did you also know that 40% of couples who disagree about money said an advisor helped them make decisions about financial concerns that otherwise might have caused tension in their relationship? Our Member Advisors can help you plan for your future financially. They can help you create an emergency fund, suggest ways to help your savings grow even further and answer questions you might have about spending as a couple.

Communicating, planning and sitting down with a Member Advisor will help in creating a financially happy marriage. Money plays an essential role in your new life together and it’s never too late to start talking about it. If you’re ready to sit down with a member of our team, give us a call at (800) 835-3400 or fill out this form and we can reach out to you!