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First comes love, then comes marriage—then comes organizing your new life together. From creating joint bank accounts to perfecting your life plan, there are a lot of details that require your attention after your wedding day. Your finances make up a big part of that, as you create budgets, retirement funds, and other money management plans together. It doesn’t have to be stressful, though. Whether you’re preparing ahead of the big day or just now getting back to reality after your honeymoon, you can build your happily ever after with these financial tips for newly married couples.
Make Your Budget Together
Marriage means you share everything, including a budget. No matter your financial situation, it’s important to have a clear and transparent budget. Both of you need to know your income, costs, and savings. This will help you make smart financial decisions both together and separately. Make sure you’re both honest about your spending habits and financial goals. Your budget should also include details like an emergency fund or a plan to get rid of debt. Create and stick to a budget now so that you can continue to organize and manage your finances throughout the years to come.
Plan for the Future
If you’ve recently tied the knot, you’ve probably already made quite a few plans about your future. How many of those decisions are related to your finances? Now that your futures are tied together by your wedding vows, it’s time for your financial information to reflect that. Plan for your future by investing in your retirement funds. You should also create a will to help take care of your spouse and the rest of your family after your death. If you already have a will, update it to include your spouse.
Update Your Information
Your will isn’t the only thing you should update with your new marital status. Make sure your social security information, credit cards, insurance, and other information reflects the change. This is a good opportunity to organize all of your paperwork and accounts. Decide where and how you want to combine your finances with your spouse. For example, figure out how your car insurance works for married couples and decide whether or not you should combine policies. Also, create a joint bank account so that both of you always have access to your money. Consider all of your options. That way, you can make the choices that help you earn and save as much money as possible together.
Prioritize Getting Rid of Debt
One of the best financial tips for newly married couples—or any adult—is to get rid of your debt as efficiently as possible. Now that you’re married, you should work together to eliminate the debt that both of you bring into the relationship. The sooner you pay off your debts, the sooner you can control your finances. Target the debt with the highest interest first and work from there. It’s also important to pay attention to any future financial decisions to make sure you’re not piling on unnecessary loans as you go. Make sure your decisions lead you toward a debt-free future.
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