Financial Planning Tips for Married Couples

Financial Planning Tips for Married Couples

Getting married is much more than a romantic thing to do. The trouble is that so many couples get caught up in wedding day planning and the semantics and logistics involved with tying the knot that they forget about the legal and financial consequences to their union. If you’re newly engaged or married and want to know what to do when it comes to financial planning, read on.

Saving Where Possible

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If you aren’t married yet, it’s a good idea to get in those healthy financial habits now. Instead of buying a real diamond, why not consider cubic zirconia when it comes to the perfect ring? A Google search as simple as “Agape Diamonds reviews” could point you in the right direction of gorgeous wedding jewelry with lifetime warranties. While your fiancé might be hoping for a real diamond, the benefits of saving money early end may be worth a second look at an Agape simulated diamond. Stunning and with clarity unmatchable in real diamonds, she might even prefer it after taking a second look.

Regardless of how much you decide to spend on the ring or whether or not you’re already married, it’s important to have a conversation with your partner early on to be sure you’re on the same page. If one is better with money than the other, it’s okay to agree that that person will handle monthly bills. Talk about how much money each will spend on their own and how much will be spent only in agreement by mutual decision. Making these rules around financial planning early on will not only help your credit scores but are the best way to save yourself from bickering over finances down the road.

Adventuring for Cheap

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When discussing financial planning decisions, talk about vacations, too. Maybe you’ve spent the last few months researching things like “Things you should know before your next road trip” for your honeymoon. Maybe you’re wondering where to go for your sixth wedding anniversary. Regardless of how deep into your vacation planning you are, it’s important to be realistic about money.

Set up a budget for travel and stick to it. Look for deals, discounts, packages, and coupons as you begin your planning. Be open-minded about traveling off-season or swamping out those airline tickets or fancy hotel accommodations for camping out in national parks.

While it may sound like a bummer, the truth is that you have a long life together. Ideally, this will include your retirement, too. With proper planning and saving along the way, you’ll set yourself up for the best golden years possible no matter where your next destination on the open road takes you.

Communicating Financial Decisions

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Decide how you’ll handle major financial decisions. Whether you have two separate accounts and one shared account or both work from the same pool, it’s important that you’re both clear on when decisions will need to be talked about. Don’t make the mistake of assuming that just because you’ll pay the monthly bills, your partner won’t care if you blow the savings account on new tools or a week away with the girls.

Hiring Professionals

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If you’ve been honest about who can handle what and take a realistic inventory of your financial skills, odds are you’ll need help somewhere along the way. Unless one of you is a financial advisor or broker, it might be a good idea to call on professionals for big decisions like investments, portfolios, and retirement savings. Again, an honest conversation with clear expectations early in will go a long way in making choices like these easier down the road.

At the end of the day, you and your spouse have signed up for a long term financial commitment together. Open communication, honesty about each other’s skills with money, the help of professionals, and do your homework or research will pay off long term. By taking time to review your financial plan as a couple now, you’ll set yourself up for financial security and peace of mind a long time from now, too.