If you are newly married or planning to get married soon, then it is important that you read this article on ‘Financial Advice For Newly Weds’.
It is important to get the financial part sorted out early in the marriage or even before the marriage. This avoids complications and dissatisfaction among newly weds later on.
Newlyweds should be mindful of their finances and iron out all the issues that may have an impact in the future. Many couples get into pre-nuptial agreement which is not a bad idea. As Warren Buffet puts it, “Risk comes from not knowing what you’re doing”. This article lists some financial advice for newly weds. Though it is recommended that one seeks a professional help.
- Tell Your Spouse About Your Debts:Couples get married in their mid or later twenties when most people have some college debt or other education loans. In addition, most young adults also have credit card bills to pay. So it is important that you share your intimate financial details with your partner so that you both can plan accordingly. By doing this you will also save yourself from a possible sad surprise in the future especially when taking a loan or buying a house.
- Define Your Financial Goals:It is important that you state your financial goals to your partner. This will set the expectations clear and immensely help in creating a realistic budget.
- Set a Realistic Budget:This step is really important. Sit down and decide how much you both are willing to contribute to the budget. Make a provision for savings too. Also, it is not a bad idea to assign financial duties.
- Have Both Joint Account And Individual Account:Most professional advisor would advice newlyweds to have both joint accounts and individual accounts. It is always a good thing to have some personal control over your finances. Joint account can be used for house related expenses and individual account for personal expenses like outings with friends, buying gift for your husband etc.
- Consider Getting Professional Advice:Don’t shy away from getting professional help. A professional advisor can offer invaluable, neutral advice for newlyweds of a financial nature. This will help you both iron out any money issues before hand.
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