There’s no doubt that if you’ve just recently gotten married, you’ve received more than your fair share of advice – from family, from friends, and anyone else who considers themselves experienced in this field.
There’s a good chance that some of this advice has centered around money and finances. It’s not easy figuring these kinds of things out as newlyweds, especially if you bring two different financial backgrounds to the table. However, it can be done. Let’s talk about four tips for sorting finances together as newlyweds.
1. Have Good Communication
Being honest and open about past or existing debts and money spending habits is essential to cultivating a healthy relationship around finances in your marriage. This is the best way to understand each other’s needs and what needs to change to make it work.
There’s nothing worse than finding out further down the track that your better half has a secret credit card, so getting it all out in the open at the beginning is your best bet on avoiding issues like this.
2. What Are Your Financial Goals?
Sorting finances together as newlyweds include figuring out what each other’s financial goals are for the future. What are any big expenses that could crop up in the near future that you’ll have to tackle together?
Are you planning on purchasing a car or a house as a married couple within the next five years? Aligning your future goals around money is a great way to stay on track, hit your targets, and work together as a team.
3. Nip Bad Debt in the Bud
While you may be hesitant to talk about it, revealing any bad debt to your partner is essential if you just recently got married. It’s important because this bad debt could come back to haunt you later down the line, so it’s much better for them to find out about it now than to have it exposed at a stressful time.
One great way to tackle bad debt together is to get out a short-term loan. Look up ‘car title loans near me‘ and see just how many options are out there that offer easy applications and flexible repayment packages. Personal loans are also a great choice, as well.
4. Start with a Budget
You’ve just got back from your honeymoon, and now it’s time to start living – and spending – like adults. Sitting down one evening and figuring out a weekly budget is vital – it ensures that you both know what’s coming in, what’s going out, and how much you’re prepared to spend together.
It also helps you figure out if you’re on the same page with it or not. If not, you can spend that time getting to the point of commonality, so that the money spent from week to week doesn’t have to be a headache.
Talking finances as a newly married couple isn’t the easiest. However, the sooner you get the conversation out of the way, the better off you’ll be. It’s better than finding out things down the road that you didn’t know about.