Financial Planning Tips For Newly-Weds

List: Posted: 12/10/10

An important part of having a successful marriage is proper financial planning before and after the wedding day.  Since financial problems can lead to major marital problems in the long run, it's important to take a few steps to make sure you're prepared for the added financial stress of a new marriage. 

 

One of the most important parts of financial planning is discussing money before the wedding day arrives. Open communications before, during, and throughout your marriage is the best way for financial planning to help you avoid problems down the road.  Share your financial info with your partner, and don't hide any big debts that may cause major rows in future when they will inevitably be discovered, especially in these days of instant online credit checks. Another great tip for newly-weds is to live on a tight budget, especially early in the marriage. This will help you both adjust to your new financial lives, and allow for a little loosening of the reins later on when you are both established in your credit and new home. 

 

Another important part of financial planning is to set your financial goals together.  Buying a house, handling debt, and savings plans should all be discussed and handled as a team. 

 

Having regular family meetings to discuss money is another crucial element of good financial planning as newly-weds.  You should always communicate openly about any plans or issues with your finances.  You should also be sure to arrange all financial goals in the most tax efficient ways possible.  Financial planning certainly involves dealing with and planning for taxes.

 

Financial planning will also include discussing your wills, life insurance plans, and estate plans.  These are important things to discuss before the marriage to make sure all financial items are discussed openly.  As newly-weds, financial planning and openness are the two most important tools to help you avoid problems in the future and enjoy a successful, financially stress-free marriage.

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