10 Useful Money Tips For Newlyweds
By: Kalpen Patel
Tags: Money Mindset, Money Management, Newlyweds, Newlyweds Money, Money

Hi everyone, thank you for coming back to my blog. I hope you found my last blog interesting and useful, where I covered ‘6 Common Money Beliefs That Aren’t True’.

In today’s blog I’m going to cover some money tips for newlyweds. Getting married is a happy and exciting time, but one of the issues that can quickly put a damper on the positive energy, though, is money. Financial issues can create a lot of stress and even animosity. Ideally, you’ve already had a lot of communication regarding your finances. If you haven’t, a little prevention isn’t a bad idea.

It can be much nicer to discuss the topic of money before it becomes necessary and tensions are high, so be proactive.

Here are some helpful money money tips for newlyweds:

1. Agree on a set of financial rules and goals

Work together to establish a few rules around your finances. Will you pay your own, previously established debts? Will bills be split evenly, or will the person with the greater salary pay more?

· When you share a vision of the future, it’s much easier to get along.

2. Create two wills

You’ll both need a will, but if you already have one, speak with an solicitor and have it modified, ensuring that you’re taking care of each other.

3. Put all your financial cards on the table

Do you have a credit card with a £10,000 balance you’ve kept from your significant other? Will it take 20 years to pay off your student loans? Let your spouse know what’s going on and ask them to return the favour.

4. Control your expenses

Just because you’re splitting the rent and the utilities doesn’t mean you should spend your excess funds foolishly.

· Take advantage of your extra cash and maximise your contributions to your investment accounts. Invest rather than spend. You might even consider saving one salary and living on the other.

5. Talk about extended family financial issues

If one of your siblings wants to borrow £1,000, how will you handle that as a couple? If your spouse’s mum needs a new roof, will you chip in? Your respective families may handle these matters very differently, therefore it is important to have a conversation.

6. Update your beneficiaries

You’ll probably want to list your spouse on your life insurance, retirement accounts, and several other accounts and policies.

7. Create a budget together

You’ll find out a lot about your partner’s spending habits by creating a budget together. A budget sets limits and expectations.

· An effective budget is an important part of a bright financial future.

8. Decide on a banking structure

One joint account or two separate accounts? Maybe you prefer a mixture of joint and separate accounts. There is no right answer, just be sure you’re both on the same page.

9. Choose one person to pay the bills and schedule regular meetings to go over bills

Choose one person to be responsible for paying all the bills and have a weekly meeting to go over the bills and ensure they’re all being paid on time.

Once you get into the habit of doing this, you can make this monthly.

10. Decide on a limit for purchases that don’t require collaboration

Your spouse probably won’t mind if you stop on the way home from work and purchase a chocolate bar without a family meeting, but stop and buy a £20,000 car and you might create a little friction.