How to Start Managing Your Finances as Newlyweds

If you’re a newlywed, you’re likely on cloud nine. Your heart is soaring and you’re ready to spend the rest of your life with your sweetheart. But amidst all the excitement surrounding the wedding, it’s possible you haven’t had time to discuss one major topic: finances. If not, it’s best you begin discussing money matter immediately. After all, money just happens to be one of the biggest issues couples struggle with during their first year of marriage.

To make things a bit lighter for you, we’ve taken it upon ourselves to gather some of the best marriage advice for newlyweds when it comes to finances.

 

Financial Marriage Advice for Newlyweds

1. Discuss Your Financial Backgrounds

The most important piece of marriage advice for newlyweds is that communication is key. Be sure that you’re taking that advice to heart, especially when it comes to finances. Talking about money doesn’t need to be a big deal, especially with the person you want to spend the rest of your life with. Start a conversation with your partner about budgeting by thinking about the following:

  • Student loans: Do you or your partner have student loan payments to make every month? If so, you’ll need to budget accordingly.
  • Car payments: Are either of you still working on paying off your cars?
  • What does have a successful budget look like to them? Between various life expenses and bills, you’ll have to budget. Ask your partner what their ideal budget looks like so you’ll know how to compromise later on.
  • How did their parents handle money? Learning about your partner’s parents and their financial views can give you a better sense of how they view money. Start a discussion by asking your partner about how their parents budgeted.

 

2. Use Budgeting Software…Together

Yes, having a joint bank account is a massive step, but it’s imperative you both share responsibility in staying on top of your finances by signing up for online budgeting software together. Sites such as Mint.com make this easy. In short, you’ll answer a few basic questions about your monthly income, then set a monthly budget. One of the best things about Mint is the way it helps keep you accountable for your spending. And with categories for everything from coffee to rent, you can figure out what’s best for you both!

You didn’t settle for each other, so why should your budget be any different? Budgeting doesn’t mean you have to forfeit the things you want; it just means you’re prioritizing your needs over wants, and making yourself aware of your money and limits.

 

3. Set financial boundaries

Be sure that you both set strong financial boundaries to avoid overspending. It may seem like an uncomfortable discussion at first, but it can help you both avoid major fights down the road. If one of you likes to surprise the other with gifts, for instance, set a boundary for what you think is an appropriate amount to spend. After all, what’s appropriate to your partner may not be appropriate for you.

Overall, if you’re honest and open with your partner, this is the only major piece of marriage advice for newlyweds you’ll need. Don’t let money stand in the way of your loving and happy relationship!

 

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