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Financial Considerations For Newlyweds

Ideally you hashed out the His and Hers money issues before you said I do, and beginning your marriage with openness about finances will set the tone for constant and comfortable communication. A good place to start is the three-bucket approach: One shared and two individual accounts helps to maintain a sense of independence while combining funds for shared expenses eases you into the idea of combining funds, though this approach isn't for everyone.

You can always rethink your married money situation later if you feel another approach better suits you, as there's not a single formula that works for all couples. There are additional money issues to consider aside from spending habits and who is responsible for paying off which debts. Find out what they are when you

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Decide how much of your salaries will be deposited into savings each month. It's important that you strive to align your goals from the very beginning — are you saving for a down payment on a house, is there a vacation you're both dreaming of and should set up a savings plan for it, or are you more concerned with simply contributing a percentage of your salaries to retirement and saving what you can beyond that? Design a savings plan that follows your needs and wants and revisit these goals occasionally.

Although you may have received everything you asked for on your registry and then some, your newlywed abode may need some additional love. Prioritize any purchases on the horizon so you're on the same page. If both of you were working from separate budgets before you were married, consider tracking your expenses together and coming up with a new budget for two.

Check out all of our wedding season coverage at IDoSugar.

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skigurl skigurl 7 years
my parents have a list of all the things they don't necessarily need but "want" to buy...big ticket items, and they take turns picking which item gets bought next...so my mom picked hardwood floors, and my dad is now picking surround sound, my dad picked a big screen tv, and my mom picked a garden swing. stuff like that.
tweet-hotpants tweet-hotpants 7 years
my husband and i combined accounts when we got married- what's mine is his and what's his is mine. it has worked out really well for us. we're pretty good at saving for things we really want, in fact, we just closed on our first house this week! and it feels good because we did it together- we can't differentiate between "who's" money actually bought the house. it was our money.
GlowingMoon GlowingMoon 7 years
My husband and I thoroughly discussed before we married. We also shared our financial statements with each other, and came up with a new, organized format. Right now, we're financially healthy, and we're on target for our goals, such as certain investments.
ilanac13 ilanac13 7 years
my fiance and i have talked about this over and over again and the resolution is that we will keep our money separate, but if there's something that i need, he'll help and vice versa. it's just easier that way since we're each earning our own. once we have kids then it'll be different - but for now it works. for example, i pay the electric and cable and it balances out cause he pays for parking.
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