Getting married is exciting, and you and your partner are probably ready to embark on your new life together. However, to set a good foundation, the two of you need to discuss sensitive topics to get a mutual understanding. This includes finances, budgeting and expectations surrounding money and marriage. Here are some of our best tips for budgeting for a newly married couple.
How to Make a Budget as a Newly Married Couple
As a couple who has just got married, it's essential to evaluate your finances in a new light.
1. To combine or not combine
Couples' financial situations vary, so what works well for one may not work well for another. For example, some married people want to combine their incomes, bills and bank accounts. For this to work, the two people must set their priorities and regularly talk through what matters most. Therefore, communication is vital, and transparency is essential for combining finances. Because of this, a couple could have a monthly meeting to discuss their budget.
On the other hand, some pairs don't want to combine their money and financial concerns. Regardless, it's still important to work together to ensure the financial burden is evenly shared. Now is the time to be completely honest with each other about goals and capabilities, even if every aspect of your economic life isn't combined.
2. Be honest and transparent
While it may seem like nothing can get in the way of your new marriage love, it's still important to talk to each other about uncomfortable topics, like money. For example, if you have a student or consumer debt, as 340 million Americans do, your partner should know about it. Once you understand where the other person stands financially, you can create a budget that reaches mutual goals.
3. Go back to basics
Even though you and your partner will have to adjust to a new married lifestyle, don't forget the budgeting basics. You can create a new budget that works best for your shared goals with consistent communication. Here are some examples of what should still be in consideration:
- Retirement.
- Eliminating debt.
- Create an emergency fund.
Married couples may want to eventually buy a house to start a family in or obtain a new car to make their lifestyle easier, all things that a budget can help achieve.
4. Talk to your bank
Whether a married couple decides to share finances or not, it could work to open a shared bank account in addition to personal ones. Regardless, you should feel comfortable speaking about your new financial situation with your banker. They can offer solutions for your shared financial goals and set an excellent foundation for the many years to come.
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