You know that famous promise “For better or for worse… For richer or for poorer”? That’s the kind of promise you have to make to your future spouse. Also, since promises are meant to be kept, in this article you’re going to see some of the essential tips on how to manage your finances as newlyweds.
A lot of freshly married couples make financial mistakes due to their poor money management skills. Some couples prefer to stick to their own individual way of managing their income, without mixing it with their spouse’s. Others, on the other hand, may come to an agreement and manage everything together. Finally, there are couples that take on the responsibility themselves and manage everything alone.
Anyway, all of these strategies can be both right or wrong. In case you want to prevent jeopardizing your marriage with financial tragedies, keep on reading, and you might learn some new tricks
In fact, money management can even help you establish an even stronger bond with your loved one. The only catch is to act early. So, keep on reading!
1. Talk about finances
First of all, let’s get one thing straight – you need to start talking about your finances with your loved one. It would be great if you’ve already gone through this beforehand. But, if you haven’t done it already, make sure to discuss finances with your new spouse at the earliest possible moment.
Take some time to go over the accounts you both might have. Also, make sure to discuss how much debt you might carry with you. Most importantly, try to decide realistically on how much money you expect to be handled regularly in the future.
There’s one thing that is crucial when it comes to good money management – mutual understanding. You need to make sure that both sides have a stable understanding of your financial situation as a couple and the same realistic expectations for your mutual future.
2. Team up to tackle the debt
Let’s cover the debts now. Having a student debt, a car debt or, let’s face it, any type of debt, is really common nowadays. So, once you get married, don’t think that your debt should automatically become your spouse’s debt, too. It’s important to mention these debts as they will also affect your overall budget and life choices. So, sit yourselves down and discuss them in order to tackle them together.
For instance, you should take a look at the debts on both sides. Once you’ve done that, you can make a plan on how to pay off the debts responsibly, without being late. In addition, when you have a plan, and you stick to it, these debts shouldn’t interfere with your finances. So, you can focus on building your future in peace.
3. Do the same for savings
Now that we’ve covered the tough part, let’s talk about something lighter – savings. In this part, everything gets a bit easier. Living and financing yourself together is so much easier to do as a team.
So, what you should do now is make another plan, and this time focus on how much money you want to save up for yourselves. Lay out your priorities. You might decide on buying a house, or traveling the world or even just setting some money aside for emergencies. If you have a clear picture that you’ve mutually agreed upon, you won’t struggle with this one at all.
4. If your piggy bank gets skinny – there’s a solution
For everyone, including the newly wedded couples, there is a possibility of an empty-wallet situation. If you find yourself struggling to cover your expenses or if you have some dreams that you don’t know how to finance – consider getting a loan.
A forbrukslån (Norwegian for a consumer loan), is the best way to aid your financial wounds. Consumption loans can be extremely good when you want to buy a house, an apartment, finance your dream vacation or even your honeymoon. It is a fast and trustworthy way to do whatever you have in your mind. So, enjoy your early marriage days carefree because now you know that there’s always someone you can lean on. Isn’t that just great?
Let’s sum everything up. A marriage can be a precious and wonderful thing. Having your loved one in your life means everything in the world. Don’t let financial worries prevent you from having an enjoyable life together. Remember to be honest, come clean with your debt history, and make a plan for tackling the debts and saving up a little cash. Finally, when there’s a will, there’s a way, right? So, even if you encounter problems in your financial stability, don’t fall into desperation. Take a look at your loan options, agree on what’s the best for you and your loved one, and just relax. You’ve got this! Good luck!
I have been married a long time now, but I could have used financial advice and these tips when I was a newlywed. Any help is useful at that time.