When you get married, you enter into a relationship where you share everything. You’re going to share your feelings about each other, your home, the secrets of your life. You’ll also share the finances. If you don’t know a lot about budgeting and finances, then you need to sit down together to make a plan so that you don’t end up in debt. Think about how much each person makes and how much you need to pay each month before you make any kind of financial plan so that you stay on track with each other.
Establish Goals
As a couple, you need to set goals for your future. It could be building a house, starting a family or exploring the world. Work with each other to figure out how you can achieve the goals that you set. If you don’t have good credit, then consider purchasing a car from a company that can help you have a second chance, like BlueSky Auto Finance. Set aside money each week to go toward the smaller goals that you have, working your way up to the larger ones that you have in life. Consider starting a retirement savings plan, especially if your employer doesn’t offer it in the company.
Organize Your Finances
An envelope system is an easy way to get your finances in order. Write a specific payment on each envelope, such as utilities, rent or entertainment. Put money in each envelope every week to cover the amount that is due for each bill or the amount that you want to set aside for extras during the month. Create lists of finances that are shared and those that you want to keep separate as you might have a separate retirement fund or an account that you want to keep for yourself so that you can treat yourself how you want from time to time. Update all of your paperwork to reflect your new name to make things easier for bank accounts, credit cards and other financial and legal information. Work on debt together as one person might have more debt than the other.
Make A Will
This might seem a little odd, but you want to make a will that states what happens to each other when one of you dies. It should also state what should happen if one of you has to make a decision about life support. Include assets in the will along with any plans for life insurance.
Marriage is a fun new adventure. It brings you closer to the person you love. Take time to learn about the other person, developing the financial strategies that make life easier together.
About the author:
Emma is a freelance writer currently living in Boston, MA. She writes most often on education and business. To see more from Emma, say hi on Twitter @EmmaSturgis2