Financial Wisdom for Loved-Up Newlyweds

Newlyweds have a lot on their plate. Their to-do lists are mammoth and can include big jobs and small pesky tasks. Many might be moving house, most will jet off on a honeymoon, and it’s likely everyone will send off thank you notes to guests.

However, there is one pressing issue that most seem to put off. Yes, you know I was going to say it:

Getting finances in order.

It ain’t all about love see?

Now that the law recognises you as a couple, you’re finances are officially shared.  There are some more jobs to put on that list to make sure you’ve wrapped your financial life up in a nice little bow. 

Figure Out Long-Term Goals

Now that it’s official you’ll be spending a new life together, be open and honest about your financial goals. For example, a family home will probably be on the list. So, the question will be whether to buy or build. Before deciding, it’s worth weighing up whether buying a house and land package might be right for you.

To Kid Or Not To Kid

Of course, there’s always the question of kids. Consider your financial situation as part of the kid equation and whether to commit. It costs on average over $400,000 to raise a child – and that’s not included the time you invest in these little devils. Of course, they’re worth it, but you’ll want to be ready for this ride. Let me assure you. 

Think About Bank Accounts

Your bank accounts will be begging for your attention too. Now that you are married, consider whether you want to open a joint account together. Closing down old accounts and opening up joint ones usually makes sense. You’ll also reduce time administering accounts and also cut down on those awful fees.

Note: Some couples prefer to keep their own accounts alongside a joint one. If you like some financial independence, you may want to consider this option too. 

Work Out Your Differences

You both might be completely different when it comes to managing finances. For instance, your partner may be a saver while you could be a serial spender! There are ways to get around this. Consider creating a budget that works with your differences. For instance, the savvy ‘saver’ to manage the finances. They won’t as frivolous with expenses and will keep an eye on what’s happening in your accounts. 

Trust Your Partner

Now that you are married and sharing life together, it is important that you completely trust one another. This is especially true when it comes to your finances. If you hit a finance snag, confide in your partner. Otherwise, the small issue can become bigger. Talk to your partner so that they can provide you with the necessary help and support.

Don’t let finances put such a strain on your relationship you end up divorced. That would defeat the purpose of the gorgeous wedding, honeymoon and all those love-for-life promises.

Wishing you a long and happy marriage!