Are you and your partner tying the knot this year? Congratulations! Once the dust settles from your celebrations, the time will come to begin building a life together.
One major change after you get married is handling your finances as a couple, rather than as individuals. This may feel overwhelming or even intimidating for some. To help you get started, here’s a roundup of money advice for newlyweds that can help keep you in the honeymoon stage for the foreseeable future.
[See: 13 Money Tips for Married Couples.]
Don’t Hide Anything
If you didn’t already do so after getting engaged, sit down with your new spouse and go over your finances together; that means reviewing all assets, debts and credit scores. Don’t hide anything, whether it’s extra income or a high student loan balance. Honesty and transparency are important, and working together from the start will lay a strong foundation for the rest of your marriage.
Set and Share Your Goals
Now that you’re married, discuss your financial goals. You should review immediate goals as well as a plan to build an emergency savings; short-term goals for the next several years; and long-term goals to retirement and beyond. Sharing individual financial goals and coming up with new ones to tackle together can be a great bonding experience and will help you align your monthly budget.
[See: 10 Foolproof Ways to Reach Your Money Goals.]
Ask for Help
Once you combine households, the number of accounts and bills you will be managing as a couple can feel overwhelming even to the most financially savvy. Don’t be afraid to ask for help. This can be as simple as using a free money management platform such as Mint or as forward-thinking as selecting a financial advisor.
Exercise Caution
On the flip side, once you combine households, you might feel like you’re suddenly rolling in dough. Sharing expenses and a home when you were previously handling everything on your own might pad your wallet, but don’t let yourself get carried away. Instead, find places where you can invest and save toward your future as a newly married couple. Another way to help avoid overspending is by keeping a budget, which leads to the next tip.
Create a Budget
After you review all your finances and discuss your goals and needs, determine a budget for monthly spending. Consult with your financial advisor on how much you should put toward an emergency fund, retirement accounts and other savings goals. Once you establish this budget however, don’t let it gather dust.
Have a Monthly Money Date
All your hard prep work will really pay off if you remain accountable and check in on your finances together on a monthly basis. Set a recurring calendar reminder, and even combine it with a date night by preparing a fun meal at home. Review your budget, make sure your goals are on track and take a look at the calendar for any major purchases that might be coming up.
[Read: How to Talk About Money With Your Honey.]
Decide on a Big Purchase Protocol
Speaking of major purchases, include in your discussion your protocol for making them. You won’t run every little expenditure past your spouse, but you may want to agree on a set amount that requires a mutual decision. Depending on your finances, that number might be $100 or $1,000. Deciding the amount now will almost certainly avoid a conflict later.
Review Policies
Take the chance as a newly married couple to review each other’s policies, including health insurance, disability and auto insurance; see if it makes sense to stick to your current ones or hop onto your spouse’s.
These tips should get you started toward a financially healthy and happy marriage.
More from U.S. News
50 Ways to Improve Your Finances in 2016
9 Scary Things Consumers Do With Their Money
Newlyweds: Here’s How to Minimize Marital Money Strife originally appeared on usnews.com
