Summer is wedding season, and love is in the air! While couples tie the knot and enter a new season of life, it’s more important than ever for them to sort out any existing money woes. Here are three important financial tips for newlyweds.
1. Define shared goals. Money might be uncomfortable to talk about, but you have to do it. It’s important to be on the same page as your spouse regarding how you want to live your life together and the goals you both want to achieve. This will be an ongoing conversation that will help you both understand each other’s money views and values. These discussions will help you plan for significant life events, such as buying a house, having a baby, or saving for retirement.
2. Establish good patterns early. The patterns you establish as a couple will exist for the coming years. Whether it’s getting out of debt or simply keeping track of monthly expenses, the financial routines you cultivate will become lifelong habits. Make it a point to purposely build these habits with your spouse.
3. Start with small steps. Small steps will make the process of reaching a healthy financial situation smoother, and it will help you measure your achievements. To be more consistent with your finances, make some payments automatic, such as your cell phone bill or you auto insurance. The more consistent you are, the faster you’ll build positive habits.
