Married life is full of new challenges and opportunities, but one of the most important things newlyweds need to do is financial planning for themselves. If you’re not prepared, your marriage could quickly crumble like stale wedding cake due to money problems. In this blog, we’ll go over three important steps you need to take to keep your new life fresh and on track!
When planning for your financial future as a newlywed couple, it’s essential to identify your goals and priorities, not only as a couple but as individuals. What are you seeking to achieve? Where will you spend discretionary money? What will you save for? Early on, many couples diligently save a healthy percentage of their income. But it isn’t until later that deciding how to spend those savings can boil up to the surface. If he was eyeing the latest model Corvette and she was ready to pop for a new pool, someone is going to be disappointed.
Financial planning for newlyweds is essential for both parties. It helps to ensure that both needs are properly handled, such as budgeting and planning for unexpected expenses. Having a clear picture of your current financial situation is vital before getting married. This way, you can determine what kind of financial planning is best for you and your spouse. In addition, each person must be 100% transparent. Hiding your favorite store credit card balance or stashing cash in a secret locale creates a powder keg only to ignite in the future.
When planning for life after your wedding, one of the most important things to do is develop a long-term financial plan. While the details of a proper financial plan are too deep to cover here, know that the first step is to create a budget. This will help you figure out how much money you have to work with each month. Next, look at your current spending habits. Are you overspending on certain items? Are there some expenses that you’ve been neglecting? Once a budget is in place, it is time to build a workable financial plan to protect your financial well-being today and reach your goals for tomorrow.