So you finally did it… you tied the knot! Congratulations!
Marriage is an exciting moment in your life but it also comes with changes, adjustments, and compromise.
Think of it like this… after the honeymoon, comes the “honey-dos.” The better prepared you are for these changes and adjustments, the better off your marriage will be.
Now that you’re married, one of the biggest changes in marriage that you will experience is managing money together.
How you manage the money together is completely up to you and your spouse.
Some couples manage money together where one person takes the action of actually paying all the bills, whether online, through the mail, or over the phone, while both spouses work and contribute to the pot.
When Divorce is Not an Option
Did you know that one of the leading causes of arguments, and ultimately divorce, is money and finances?
The Interdisciplinary Journal of Applied Family states that disagreements between husband and wife were the leading predecessors leading to divorce.
If you and your spouse engage in frequent disagreements and arguments centered around money and finances, it may be as good of a time as any to consider financial marriage counseling.
It has helped and saved many marriages and could do the same for you.
Have the Money Conversation
When it comes to being newlyweds, you’re embarking on this journey together, so money isn’t something that’s off limits.
The sooner you have the conversation about each other’s finances, the easier it will be for both of you to get on the same page.
For example, after marriage, you’re going to need to find a place to live.
Yes, you could start out with buying a house but have you all discussed whether or not the location of the home will be your “forever” home?
It’s recommended that newlyweds start out renting out an apartment together before buying. It’s a financially smarter move to make especially when you know you won’t be living there for too long.
If you and your spouse have had this conversation together and decided to rent an apartment, then you should consider using rent.com.
This website has bedroom sizes accommodating to various family sizes and a lot of the apartments listed have multiple leasing options that will speak to your family needs.
To view these apartments, click the link https://www.rent.com/nebraska/omaha-apartments.
As a newlywed couple, a good rule of thumb to have is to have at least $1000 saved up for unexpected emergencies.
Whether it be a car repair or medical emergency, you and your spouse both need to work on building a savings account.
After you have your emergency funds in place, you then want to talk about and set financial goals.
Maybe you want to start a family (and kids are expensive) or maybe you want to travel the world together… whatever your financial goals are, it’s best to go on and have these conversations now.
These conversations don’t just happen at the beginning of marriage either.
It’s actually very healthy to have regular conversations about finances and financial goals. That’s not to say it should be the topic of discussion every night at dinner but it’s definitely necessary to help the marriage go in the direction you both want it to go.
Work on Paying Off Debt Together
Rarely does anyone enter a marriage without carrying any baggage.
A piece of baggage that just about everybody brings with them in marriage is debt. Debt is definitely something that can weigh heavily on marriage but if tackled together with the right type of planning, you and your spouse will be on your way to financial freedom!
Pick a Benefits package Together
If you’re a working married couple where both jobs carry benefits packages like health insurance and vision and dental insurance, then as a couple, you need to examine each other’s packages and pay close attention to the deductibles, premiums, and everything else that’s covered.
Other parts of the packages to pay attention to include:
- Life Insurance
- Retirement Savings Accounts
- Flexible Spending
- Disability Insurance (long-term and short-term)
Viewing Money in All 5 Dimensions
When discussing money, a lot of people have a basic understanding of money.
You have an amount and deduct from it what you spend and add to it what you put into it… simple enough. But did you know that there is so much more to money?
There are actually five ways that money influences people:
- Culturally– how your ethnicity, upbringing, and social background influences your perspective on money.
- Emotionally– how you actually feel about money.
- Spiritually– how your faith or religion influences your perspective on money.
- Behaviorally– how habits and actions influence your perspective on money.
- Practically– how facts and reason influence your perspective on money.