Talk to a debt counselor toll free:800-300-9550
Our Clients Rate Us Excellent
Based on 3234 reviewsTrustPilot Reviews
It’s crucial for newlyweds to talk about your finances on a regular basis and to be both transparent and honest with each other. A major cause for problems between couples is when one of the two discovers the other made a major purchase without first discussing it. You can avoid this by sitting down at least once a month and having the money talk. This provides an opportunity for the two of you to discuss and decide on things together. This can be especially true when it comes to investments. If an investment goes south, it's important that the two of you agreed on it because it will have a serious effect on the both of you.
Create an emergency fund
As newlyweds it's important for the two of you to work on building an emergency fund. There is no if you'll have an emergency, it’s a when. You could be contributing equally to a joint account and then one of you loses your job. If don't have an emergency fund this could lead to big problems. The financial experts say your emergency fund should be the equivalent of six months' of living expenses. As newlyweds this may seem like mission impossible. So try for at least the equivalent of three months of your living expenses.
Blend your lifestyles
It's not only important to blend your finances is equally important to blend your lifestyles. Couples where there are discrepancies in income may find this fairly difficult. There may be times when she wants to go out for a luxury meal or take a two-week cruise but he feels he can't afford it. When this is the case you will have to learn and accept compromises. If you don't plan together the result is that the two of you will be basically living two different lifestyles under a single roof and your financial problems may never end.